West Fraser’s US$3.1bn takeover of Norbord has obtained final approval from the Ontario Superior Court of Justice (Commercial List).
Receipt of the final order follows receipt of the key regulatory approvals in respect of the transaction and Norbord’s special meeting of shareholders held on January 19, where the transaction was overwhelmingly approved by 99.33% of the votes cast by Norbord shareholders.
West Fraser’s special meeting of shareholders also took place on January 19, where the issuance of West Fraser Shares in connection with the transaction was approved by 99.99% of votes cast by West Fraser shareholders.
West Fraser and Norbord anticipate that the transaction will close on February 1, subject to the satisfaction of customary closing conditions.
Vancouver-based West Fraser, one of the largest lumber producers in North America, will be acquiring the largest OSB manufacturer in the world in an acquisition which West Fraser says will expand its product and geographic diversity.
The move would also give greater scale and “customer relevance unlocks and de-risks growth opportunities”.
The two companies announced they had entered into a strategic business combination on November 19 and after completion the combined company would operate as West Fraser.
West Fraser intends to retain all Norbord mills in North America and Europe, and rely on the skills and experience of current Norbord management and employees to continue to grow the engineered wood business.