Canfor Committee to Evaluate Buyout Offer from Great Pacific
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Canfor Corp. (Vancouver, Canada) announced on August 27 that the Special Committee of Canfor's board of directors (the “Special Committee”) has retained Greenhill & Co., Canada, Ltd. (“Greenhill”) as financial advisor to the Special Committee. Greenhill's mandate will include the preparation of a formal independent valuation of the common shares of Canfor in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. Additionally, the Special Committee has retained Osler, Hoskin & Harcourt LLP as its legal counsel.
The Special Committee was formed to review and evaluate the unsolicited and non-binding proposal by Great Pacific Capital Corp. (“Great Pacific”) in which Great Pacific 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 received the Indicative Offer on August 10, 2019.
The Special Committee of independent directors is comprised of Conrad Pinette (Chair), John Baird, Barbara Hislop and J. McNeill (Mack) Singleton.
Canfor does not intend to comment on or disclose further developments regarding the Special Committee's evaluation of the Indicative Offer unless and until it deems further disclosure is appropriate or required.
The Indicative Offer is non-binding on Great Pacific. There can be no assurance that a transaction will be completed or on what terms.
