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January 6, 2020

$1-billion takeover bid of Canfor fails

Lumber giant Canfor has terminated an arrangement agreement between the company and Jim Pattison’s Great Pacific Capital Corporation.  The decision came despite a special committee of Canfor’s board previously supporting the almost $1-billion offer from Great Pacific Capital Corp to take full control of the publicly listed company and take it private.  Great Pacific Capital Corp already owns 51 per cent of Canfor, but to get the go-ahead for the $16-a-share cash offer, more than 50 per cent of the remaining shareholders had to back the offer. The deal would ...

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