June 21, 2012 / 10:51 PM / 5 years ago

UPDATE 1-Fibrek gets court nod for vote on Resolute deal

2 Min Read

June 21 (Reuters) - Specialty pulp maker Fibrek Inc said a Quebec court granted it an order to hold a shareholders' meeting for voting on the company's proposed takeover by Resolute Forest Products Inc .

The special meeting will be on July 23 when Fibrek shareholders will vote on a proposed arrangement under which Resolute - Fibrek's majority stakeholder - would buy the shares of the company it doesn't already own.

Fibrek said last week it entered into an agreement with a Resolute unit for a proposed arrangement to combine and form a new corporation wholly owned by Resolute.

Montreal-based Resolute won control of 50.1 percent Fibrek shares in May, after Mercer International Inc exited a takeover battle in April when Canada's top court dismissed its appeal against a lower court ruling blocking a key term of the deal with Fibrek.

Fibrek also said on Thursday its shareholders elected six director nominees at its annual meeting.

Shares of Fibrek closed at 87 Canadian cents on the Toronto Stock Exchange on Thursday. Shares of Resolute closed at C$11.86 on the same exchange.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below