{"id":78486,"date":"2019-11-27T11:26:26","date_gmt":"2019-11-27T11:26:26","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/canfors-shareholders-might-oppose-acquisition-great-pacific\/"},"modified":"2025-09-19T08:52:07","modified_gmt":"2025-09-19T08:52:07","slug":"canfors-shareholders-might-oppose-acquisition-great-pacific","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/canfors-shareholders-might-oppose-acquisition-great-pacific\/","title":{"rendered":"Some Canfor’s shareholders might oppose acquisition by Great Pacific"},"content":{"rendered":"
\n

One of Canfor Corporation\u2019s shareholders says it will oppose the pending acquisition of the remaining Canfor shares by Great Pacific Capital Corp.<\/em><\/p>\n

<\/span>Letko, Brosseau & Associates is an independent investment manager that manages about $27 billion for institutional and private clients. It holds approximately 4.7 per cent of the outstanding shares of Canfor.<\/p>\n

In a release, the firm says the proposed offer is \u201cvery opportunistic and significantly undervalues\u201d Canfor.<\/p>\n

Great Pacific Capital has offered $16 per share for the approximately 49 per cent of Canfor it doesn\u2019t already own. The Canfor board of directors has recommended shareholders accept the offer by the Jim Pattison\u2013owned Great Pacific Capital.<\/p>\n

Letko Brosseau says the 81.8 per cent premium to the closing price prior to the announcement of the proposed offer is based on a depressed share price ($8.80), a level that hasn\u2019t been seen in almost 10 years. The firm maintains the offer is less than 50 per cent of what the shares were trading at in June 2018.<\/p>\n

It also cited a Q3 2018 Canfor-authorized share repurchase at an average price of $27.91, which is 74 per cent above Great Pacific\u2019s offer of $16 per share.<\/p>\n

\u201cWe believe that Canfor earnings could improve materially with stronger housing starts, lumber capacity closures, improving pulp market and the contribution of Canfor\u2019s latest acquisitions,\u201d Letko Brosseau said in a statement.<\/p>\n

The transaction must be approved by two-thirds of the shareholders. A vote is expected to take place in December 2019.<\/p>\n<\/div>\n

<\/h2>","protected":false},"excerpt":{"rendered":"

One of Canfor Corporation\u2019s shareholders says it will oppose the pending acquisition of the remaining Canfor shares by Great Pacific Capital Corp. 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