December 17, 2019 / 6:29 AM / a month ago

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

(Reuters) - Canadian lumber products company Canfor Corp (CFP.TO) 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.

Reporting by Anurag Maan in Bengaluru; Editing by Rashmi Aich

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