NorskeCanada alter terms of Belkorp acquisition
November 25, 2003 By Pulp & Paper Canada
Norske Skog Canada Limited reached an agreement-in-principle with privately owned Belkorp Group to alter the terms…
Norske Skog Canada Limited reached an agreement-in-principle with privately owned Belkorp Group to alter the terms on which the B.C. operations of Newstech Recycling will be acquired.
The purchase price to be paid by NorskeCanada is an aggregate of $58 million, subject to certain closing adjustments. It was previously announced that the purchase price would be paid as to $29 million in cash and through the issue of $29 million of NorskeCanada common shares.
NorskeCanada and the Belkorp Group have now agreed that the portion of the closing price to be paid by issuing common shares will be set at NorskeCanada’s option, subject to a maximum value of the share consideration of $29 million.
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