Operations & Management
Resolute Forest Products stockholders approve Paper Excellence merger proposal
November 2, 2022 By P&PC Staff
Resolute Forest Products shareholders have given their approval to the $2.7 billion acquisition offer from Paper Excellence Group.
The adoption of the merger agreement required the affirmative vote of stockholders holding a majority of the issued and outstanding shares of Resolute’s common stock entitled to vote on such matters.
A total of 81.5 percent of the issued and outstanding shares of Resolute’s common stock entitled to vote at the special meeting of stockholders was voted in favour of the merger agreement. Of the total shares voted, 99.8 percent were voted in favour of the merger agreement.
In addition, the non-binding compensation advisory proposal was also approved by a majority of the shareholders represented at the meeting.
Resolute currently expects to complete the merger in the first half of 2023, subject to receipt of regulatory approvals and the satisfaction or waiver of the other conditions to the closing of the merger. Post the merger, Resolute will operate as a wholly-owned subsidiary of Domtar.
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