Steelhead will refrain from tendering Fibrek shares to AbitibiBowater
Following the announcement made on March 31, 2012 by Steelhead Partners, LLC and its affiliates, Fibrek Inc. understands that Steelhead intends not to tender any of its Fibrek shares to the unsolicited insider bid made by AbitibiBowater Inc. (doing business as Resolute Forest Products) until the minimum tender condition contained in the Abitibi bid has been met.
Steelhead is the second largest shareholder of AbitibiBowater.
As at March 31, 2012, Steelhead represented that it held a total of 6,479,000 Fibrek shares, representing approximately 4.98% of the outstanding Fibrek shares.
Fibrek has issued its press release to remind its shareholders that 46.4% of Fibrek shares are subject to lock-up agreements in favour of AbitibiBowater, which expire on April 13, 2012. As of March 20, 2012, the only Fibrek shares tendered to the AbitibiBowater unsolicited insider bid were the 46.4% of shares subject to the lock-up agreements, which do not represent a sufficient number of shares for AbitibiBowater to meet its minimum tender condition. Accordingly, shareholders are urged to continue to not take any action with respect to their Fibrek shares in order to benefit from the superior $1.30 Mercer offer.
- Mercer increases its bid for Fibrek
- Fibrek fighting for the rights of its shareholders to accept Mercer's superior offer
- Resolute succeeds in obtaining cease trade decision
- Fibrek wins appeal, Resolute extends its offer for Fibrek
- Resolute wins permission to appeal
- TSX approves Fibrek's private placement of special warrants to Mercer
- Fibrek / AbitibiBowater / Mercer
- Fibrek and Mercer seek permission to appeal to the Supreme Court of Canada