Canfor Responds to Great Pacific Capital on Unsolicited Reprivitization
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Canfor Corp. confirmed on August 10 that it received an unsolicited and non-binding proposal from Great Pacific Capital Corp. (Great Pacific) 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 (the “Indicative Offer”).
Canfor cautions its shareholders and potential investors that the Indicative Offer is non-binding on Great Pacific and there can be no certainty that the Indicative 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 (the Board) or ultimately completed.
The Board has constituted a special committee of independent directors (the “Special Committee”) to review the Indicative 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.
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.
