AbitibiBowater Inc., doing business as Resolute Forest Products, announced two things today regarding its hostile bid for Fibrek Inc.

First, they extended to February 23 the expiry date for their offer to acquire all the issued and outstanding common shares of Fibrek Inc.

Then, the company announced that they had applied to the Bureau de décision et de révision (Québec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in Quebec, for an order to cease trade the proposed offer by Mercer International Inc. to acquire all of the issued and outstanding common shares of Fibrek Inc.

In its application, Resolute requested that the Bureau exercise its public interest jurisdiction to cease trade the offer on the basis, among other things, that it includes an improperly discounted and dilutive private placement of warrants and an unreasonable break fee. Resolute requested that the Bureau hear its application on an expedited basis, and will argue that these measures are unlawful and inappropriate defensive measures to Resolute’s offer. On February 9, the Bureau rendered an order to cease trade Fibrek’s tactical poison pill effective as of 3:00 p.m. today.

Source: Resolute Forest Products