February 13, 2012 / 1:40 PM / 8 years ago

UPDATE 1-Abitibi extends offer for Fibrek by 10 days

Feb 13 (Reuters) - Resolute Forest Products, formerly known as AbitibiBowater, extended its hostile offer for Canadian pulp producer Fibrek Inc, which on Friday agreed to be bought by larger peer Mercer International.

Resolute extended its bid for Fibrek by 10 days to February 23, without raising its initial offer price of about $130 million, which is about 30 percent lower than Mercer’s bid.

The extension leaves the window open for a bidding war between Resolute and Mercer.

Resolute said it would evaluate all available options concerning the competing offer announced on Friday.

About 52 percent of Fibrek’s outstanding shares have been tendered in favour of its offer as of Feb. 10, Resolute said in a statement.

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