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Third Avenue bids on Catalyst

Third Avenue Management LLC is looking to eat up 39,000,000 shares of Catalyst Paper. The unsolicited bid translate…

Third Avenue Management LLC is looking to eat up 39,000,000 shares of Catalyst Paper. The unsolicited bid translates to a $129 million chunk, or 18.17% of the company.

Catalyst’s share price shot up in response to the news, jumping 14% on July 26.

Third Avenue offered Catalyst $3.30 a share for the stock. According to a report by the Vancouver Sun, the price is 21% above the average price of the stock 20 days prior to the offer.