VANCOUVER, Dec. 16, 2019 /CNW/ - Great Pacific Capital Corp. ("Great Pacific") announced that it has agreed with Canfor Corporation ("Canfor" or the "Company") to terminate the agreement between the parties to take the Company private at $16 per share. This is due to the Canfor minority shareholders voting 45% in favour and 55% against the proposal, and thus not meeting the 50% plus threshold of the minority requirement. Great Pacific will not be pursuing this opportunity any further.
Great Pacific's bid, which was made on August 10, 2019, represented an 82% premium over the share price at that time. The price offered was within the range determined to be fair by the Canfor special committee and its advisors.
Great Pacific looks forward to Canfor's continued success and will continue to support the management and directors of the Company.
This press release includes forward-looking statements with respect to Great Pacific and the Company. The use of forward-looking words such as, "may," "will," "expect", "could", "anticipate", "potential" or similar variations generally identify such statements. Any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Although Great Pacific believes that the expectations reflected in forward-looking statements are reasonable, such statements involve risks and uncertainties. The forward-looking statements contained herein reflect Great Pacific's current belief and is based upon certain assumptions that it believes to be reasonable based on the information currently available to it. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. Events occurring after that date could render the information contained herein inaccurate or misleading in a material respect. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements in this press release are made as of the date hereof and Great Pacific undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable securities laws.
Required Early Warning Report Information
Great Pacific's head office is located at 1800 – 1067 West Cordova Street, Vancouver, BC, V6C 1C7.
The Company's head office is located at 100 – 1700 West 75th Avenue, Vancouver, BC, V6P 6G2.
Great Pacific, directly and indirectly through wholly-owned subsidiaries, has ownership and control over an aggregate of 63,728,722 Shares, representing approximately 51% of the issued and outstanding Shares.
In the future, Great Pacific may acquire additional Shares of the Company or dispose of such Shares subject to a number of factors, including general market and economic conditions and other investment and business opportunities available.
SOURCE Great Pacific Capital Corp.
For further information: Nick Desmarais, (604) 688-6764