The business of producing construction framing dimension softwood lumber in British Columbia just Got More Interesting:
Great Pacific Capital Corporation, which already owns 51 per cent of shares in Canfor, will purchase the remaining 49 per cent at $16 each, in a deal that is estimated at more than $980 million.
A special committee of lumber giant Canfor’s board has approved an almost $1-billion offer from a Jim Pattison company to take full control of the company.
Late Monday night, Canfor issued a news release stating an agreement had been struck in which Pattison’s company Great Pacific Capital Corp “will acquire all of the Canfor shares it does not already own for cash consideration of $16 per Canfor share.”
Great Pacific Capital currently owns 51 per cent of Canfor, a public company. Once the transaction is completed subject to a shareholder vote, Canfor will become a private company under the Pattison conglomerate.
The $16 a share deal — which was offered in August — would cost Pattison $982 million.
The special committee has given shareholders five reasons why the offer should be accepted.
“Great Pacific Capital Corp. was founded in 1991 operates as a bank holding company. Great Pacific Capital Corp. provides financial services to the Jim Pattison Group, Inc.” — Bloomberg
Madison’s will be on Radio NL in Kamloops, BC, to discuss. Please tune in at 3:30pm today, Tuesday! https://www.radionl.com