Fibrek says gets proposals from third parties

Fri Feb 10, 2012 8:56am EST
 
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(Reuters) - Canada's kraft pulp producer Fibrek Inc FBK.TO said it has received proposals from third parties related to its strategic alternative process and the board is evaluating the proposals.

The company also rejected the insider bid by Abitibibowater Inc ABH.TO, which was made in November and valued Fibrek at C$130 million.

Fibrek said a formal valuation of its common shares by Canaccord Genuity has arrived at a fair value of between C$1.25 and C$1.45 per share.

In November, Fibrek had initiated strategic alternatives following the Abitibibowater bid.

Fibrek's shares closed at C$1.03 on Friday on the Toronto stock Exchange.

($1 = 0.9953 Canadian dollars)

(Reporting by Ankur Banerjee in Bangalore; Editing by Gopakumar Warrier)

(This corrects offer price in paragraph two of February 6th story to C$130 million from C$71.5 million)