Resolute Now Owns 63.3% of Fibrek, Extends Offer to May 17
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AbitibiBowater Inc., Montreal, Qué., Canada, doing business as Resolute Forest Products, reports that as of close of business last Friday, May 4, it held approximately 63.3% of the currently outstanding shares of Fibrex Inc, also based in Montreal. As aggregate consideration for the shares taken up through last Friday, Resolute says it will distribute approximately 350,000 newly-issued shares of its common stock and C$6.8 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.
The company also announced that it has extended to 5:00 p.m. EST on May 17 the expiry time for its offer. As further described in the offer circular and other ancillary documentation related to the offer (as amended), Resolute intends to carry out a second step transaction to acquire the Fibrek shares not deposited in the offer.
Resolute Forest Products produces newsprint, commercial printing papers, market pulp, and wood products. The company owns or operates 21 pulp and paper mills and 23 wood products facilities in the U.S., Canada, and South Korea.
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