August 12, 2019 / 1:29 AM / 10 months ago

Great Pacific offers to take Canfor Corp private at C$16 a share

Aug 11 (Reuters) - Great Pacific Capital Corp has offered to take private Canadian integrated forest products company Canfor Corp at C$16 per share, or about C$2 billion ($1.51 billion) overall, payable in cash, it said on Sunday.

Great Pacific, which already owns about 51% of Canfor’s shares, said it has proposed that the offer is structured by way of a “court-supervised statutory plan of arrangement.”

The statement added that there is no binding agreement in place and that there is no certainty that a deal will be agreed upon.

In response to the offer, Canfor cautioned its shareholders that the offer is non-binding on Great Pacific and reiterated that there is no certainty of the offer being pursued by Canfor.

The integrated forest products company said its board has formed a special committee of independent directors to review the offer after which it may issue a further response. ($1 = 1.3224 Canadian dollars)

Reporting by Kanishka Singh in Bengaluru Editing by Bill Rigby

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