Resolute now has majority control of Fibrek
May 3rd, 2012 | Posted in Financial News | 5 comments ยป
AbitibiBowater Inc., doing business as Resolute Forest Products, has taken up and accepted for payment 1,633,800 additional shares of Fibrek Inc. deposited to its offer as of the close of business today.
Together with the shares the company acquired up to and including April 23, Resolute now has majority control of Fibrek, with approximately 50.1% of the currently outstanding shares.
As aggregate consideration for the shares taken up today, Resolute will distribute approximately 46,000 newly-issued shares of its common stock and CAD$900,000 in cash through RFP Acquisition Inc., a wholly-owned subsidiary.
Source: Resolute Forest Products
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So now Reolute has another pool of employees to screw up.I would like to hear about happy Fibrek employees if there is any.I only have one piece of advise to give to you guys,Watch your pension plan.
Rolling…you hit the nail squarely on the head. If i could add one other thing, it would be this…prepare yourself to be raped!
.1% to take it…..what BS…….any unionized employees best wake up, retire or resign now and take your pension money out of where it is with who now contols it……0.1% who is this corporate world fooling with this nonsense?????
R.I.P Fibrek
Going along with what ROLLING said; I would add this, take the buyout/severence/package deal money up front if offered! Otherwise their army of lawyers and accountants will gnaw the skin off your bones.