Resolute now owns 74.56% of Fibrek
May 17th, 2012 | Posted in Financial News | 2 comments »
Resolute Forest Products now owns 74.56% of Fibrek. Resolute’s offer for Fibrek closed at 5pm today.
As aggregate consideration for the shares taken up today, Resolute will distribute approximately 135,000 newly-issued shares of its common stock and CAD$2.6 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.
Resolute is planning to carry out a second step transaction to acquire the Fibrek shares not deposited in the offer. The second step transaction will first have to be approved by Fibrek’s shareholders.
Source: Resolute Forest Products
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I find it interesting that there is money for a takeover, but market conditions keep a mill like Thorold shut down for about a month …. Just saying …. And there is nothing in the press about it.
How long until the vultures swoop down and pick apart the carcass of Catalyst? They probably won’t have to pay anything for it and will get lots of BC loans, grants, and tax breaks.