Deals
Billionaire Pattison Seeks to Take Lumber Company Canfor Private
- Pattison offers $742 million for rest of shares he doesn’t own
- Canfor has formed special board committee to study the offer
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Canadian billionaire Jim Pattison, whose conglomerate owns businesses including supermarkets, fisheries and billboards, offered to take lumber producer Canfor Corp. private for about C$981.6 million ($742 million). The stock surged in response.
Pattison’s Great Pacific Capital Corp., which already owns 51% of Canfor, on Sunday proposed buying out the remaining shares for C$16 apiece, an 82% premium to the stock’s closing price on Friday. Vancouver-based Canfor said it has formed a special committee of independent directors to review the offer.