Company News

Canfor shareholders reject Great Pacific's $1.5 bln offer to take co private

Dec 17 (Reuters) - Canadian lumber products company Canfor Corp has rejected Great Pacific Capital Corp’s proposal to take it private.

The proposal was rejected by 55% of Canfor shareholders, it said late Monday.

In August, Great Pacific, which already owned about 51% of Canfor’s shares at that time, had offered C$16 per share, or about C$2 billion ($1.50 billion) overall to take the company private.

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

$1 = 1.3301 Canadian dollars Reporting by Anurag Maan in Bengaluru; Editing by Rashmi Aich