Pattison company bows out of Canfor bid
Mornings with Simi
English - December 17, 2019 21:19 - 15 minutes - ★★★★★ - 1 ratingBusiness News News Society & Culture Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
A company owned by BC billionaire Jim Pattison is bowing out of a bid to buy Canfor Corporation and take the lumber producer private.
Pattison's Great Pacific Capital Corp. had offered 16-dollars per share for most of the remaining 49 per cent of Canfor shares the company doesn't already own.
But the roughly one-billion dollar offer failed to win over Canfor's minority shareholders -- with one company that holds a 4.8 per cent stake in Canfor complaining the offer was too low.
Canfor board members had recommend acceptance of the Pattison proposal, calling it ``compelling'' value.
Guest: Keith Baldrey
Global’s Legislative Bureau Chief in Victoria
A company owned by BC billionaire Jim Pattison is bowing out of a bid to buy Canfor Corporation and take the lumber producer private.
Pattison's Great Pacific Capital Corp. had offered 16-dollars per share for most of the remaining 49 per cent of Canfor shares the company doesn't already own.
But the roughly one-billion dollar offer failed to win over Canfor's minority shareholders -- with one company that holds a 4.8 per cent stake in Canfor complaining the offer was too low.
Canfor board members had recommend acceptance of the Pattison proposal, calling it ``compelling'' value.
Guest: Keith Baldrey
Global’s Legislative Bureau Chief in Victoria