Canfor Corporation receives a non-binding proposal from Great Pacific Capital

August 14, 2019
Source:
Canfor/Fordaq
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160
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Canfor Corporation confirmed that, on August 10, 2019, it received an unsolicited and non-binding proposal from Great Pacific Capital Corp. pursuant to which Great Pacific has suggested that it would be willing to acquire all outstanding common shares of Canfor (excluding those already directly or indirectly owned by Great Pacific) at a price of $16.00 per common share.

Accordign to the announcement, Canfor cautions its shareholders and potential investors that the offer is non-binding on Great Pacific and there can be no certainty that the offer or any other strategic transaction with Great Pacific or any other person will be pursued by Canfor, supported by Canfor’s board of directors or ultimately completed.

Canfor ‘s Board has constituted a special committee of independent directors to review the offer and, in consultation with its legal and financial advisors, consider Canfor’s strategic alternatives, including Canfor’s response, if any, to the Indicative Offer.

The company stated that following the Special Committee’s review of the Indicative Offer and the receipt of financial and legal advice, Canfor will be in position to respond to the statements made by Great Pacific in its August 11, 2019 press release, should Canfor determine it is appropriate to do so.