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Canfor to remain a public company
B.C. billionaire Jim Pattison’s Great Pacific Capital Corporation has failed in its bid to take Canfor Corporation private.
Canfor Dec. 16 announced that it has agreed with Great Pacific Capital Corp. and 1227738 B.C. Ltd., a wholly-owned subsidiary of Great Pacific, to terminate the previously announced arrangement agreement dated October 28, with respect to the proposed plan of arrangement of Canfor.
Based on the Canfor shareholder votes cast by proxy prior to the December 16 proxy cutoff, the ‘majority of the minority’ vote required to approve the arrangement pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, will not be achieved.
Approximately 45% of the votes cast by proxy by minority shareholders as at the proxy cutoff were in favour of the arrangement, Canfor reported.
Canfor plans to continue to diversify its business and pursue growth strategies in positioning itself for long-term success and sustainability, the company stated.
Lead image: Canfor’s mill at Radium Hot Springs. Canfor also operates the mill at Elko. e-KNOW file photo
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