Catalyst Paper has wrapped up its shareholder rights plan and redeemed all outstanding rights relating to the plan….
Catalyst Paper has wrapped up its shareholder rights plan and redeemed all outstanding rights relating to the plan. The redemption satisfies one of the conditions of the Third Avenue bid, effectively allowing the company to take up shares under the bid, subject to the satisfaction or waiver of the remaining conditions, including approval of the transaction under the Investment Canada Act.
“Over the past two months, the board has thoroughly evaluated a full range of alternatives to the Third Avenue offer,” said Keith Purchase, board chairman. “Given the difficult industry conditions, those alternatives were limited and the board has concluded that an attractive alternative transaction is not available at this time. Having completed this process, the board is terminating the rights plan to enable our shareholders to participate in Third Avenue’s offer should they wish to do so.”
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