Friday, 16 August 2019 12:44

Jim Pattison offers to take Canfor private for $981 million

572 Jim Pattison

 

Jim Pattison and his company, Great Pacific Capital Corp., have proposed taking lumber producer Canfor Corp. private for about $981.6 million. The company already owns 51 percent of Canfor and is proposing that it buys out the remaining shares for $16 apiece, an 82 per cent premium to the stock’s closing price last Friday. Canfor has formed a special committee of independent directors to review the offer. Canfor shares soared 72 per cent to $15.12 Monday. The deal, which values the Canfor at about $2 billion, would require the holders of two-thirds of the stock to approve a special resolution.

 

 

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