0 C
Fort St. John
Saturday, October 19, 2019
9924 101 ave Fort St. John, B.C.
Advertisement
Home Canadian Press Jim Pattison makes offer to take Canfor Corp. private at $16 per...

Jim Pattison makes offer to take Canfor Corp. private at $16 per share

VANCOUVER – Jim Pattison’s Great Pacific Capital Corp. has made an offer to buy the rest of Canfor Corp. it does not already own for $16 per share.

Shares in Canfor closed at $8.80 on the Toronto Stock Exchange on Friday.

Great Pacific already owns about a 51 per cent stake in the lumber producer.

The offer values Canfor at about $2 billion.

Great Pacific says the proposed transaction will allow for the elimination of the significant costs related to maintaining a public company listing and allow for reinvestment of that money in the company’s operations.

Canfor says it has formed a special committee of independent directors to review the offer and consider its strategic alternatives.

get the latest news in your inbox

Author

Local Events

Must Read

‘Nonsense:’ Experts weigh in on Scheer’s claims about who can form...

OTTAWA — Experts on Canada's parliamentary system say Andrew Scheer should know better than to erroneously contend that whoever wins the most seats on Monday...