VANCOUVER, Aug. 11, 2019 /CNW/ - Canfor Corporation (TSX:CFP) ("Canfor") confirms that, on August 10, 2019, it received an unsolicited and non-binding proposal from Great Pacific Capital Corp. ("Great Pacific") pursuant to which Great Pacific has suggested that it would be willing to acquire all outstanding common shares of Canfor (excluding those already directly or indirectly owned by Great Pacific) at a price of $16.00 per common share (the "Indicative Offer").
Canfor cautions its shareholders and potential investors that the Indicative Offer is non-binding on Great Pacific and there can be no certainty that the Indicative Offer or any other strategic transaction with Great Pacific or any other person will be pursued by Canfor, supported by Canfor's board of directors (the "Board") or ultimately completed.
The Board has constituted a special committee of independent directors (the "Special Committee") to review the Indicative Offer and, in consultation with its legal and financial advisors, consider Canfor's strategic alternatives, including Canfor's response, if any, to the Indicative Offer.
Following the Special Committee's review of the Indicative Offer and the receipt of financial and legal advice, Canfor will be in position to respond to the statements made by Great Pacific in its August 11, 2019 press release, should Canfor determine it is appropriate to do so.
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. These forward-looking statements include, among others, statement relating to Canfor's expectations regarding the Indicative Offer and the potential consummation of any strategic transaction, including a transaction with Great Pacific. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Canfor assumes no obligation to update such information to reflect later events or developments, except as required by law.
Canfor is a leading integrated forest products company based in Vancouver, British Columbia ("BC") with interests in BC, Alberta, North and South Carolina, Alabama, Georgia, Mississippi and Arkansas, as well as in Sweden with its recent majority acquisition of Vida Group. Canfor produces primarily softwood lumber and also owns a 54.8% interest in Canfor Pulp Products Inc., which is one of the largest global producers of market northern bleached softwood kraft pulp and a leading producer of high performance kraft paper. Canfor shares are traded on The Toronto Stock Exchange under the symbol CFP.
SOURCE Canfor Corporation
For further information: Media Contact: Michelle Ward, Director, Corporate Communications, (604) 661-5225, [email protected]; Investor Contact: Pat Elliott, VP, Corporate Finance and Strategy, (604) 661-5441, [email protected]