Canfor Corporation receives buyout offer from Great Pacific
August 12, 2019 By P&PC Staff
August 12, 2019 – Canfor Corporation has received an offer from Great Pacific Capital Corporation to purchase the remaining Canfor shares it doesn’t already own for $16 per share.
According to the Canadian Press, Great Pacific Capital, owned by BC business magnate Jim Pattison, already owns 51 per cent of Canfor’s shares. The offer translates to a Canfor valuation of $2 billion.
Great Pacific says the deal, which would turn Canfor private, would cut down on costs associated with a public company listing.
Canfor says it plans to review the unsolicited offer with a special committee of independent directors.
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