By Canadian Press

Jim Pattison makes offer to take Canfor Corp. private at $16 per share

Aug 12, 2019 | 4:35 AM

VANCOUVER — Jim Pattison’s Great Pacific Capital Corp. has made an offer to buy the rest of Canfor Corp. it does not already own for $16 per share.

Shares in Canfor closed at $8.80 on the Toronto Stock Exchange on Friday.

Great Pacific already owns about a 51 per cent stake in the lumber producer.

The offer values Canfor at about $2 billion.

Great Pacific says the proposed transaction will allow for the elimination of the significant costs related to maintaining a public company listing and allow for reinvestment of that money in the company’s operations.

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Canfor says it has formed a special committee of independent directors to review the offer and consider its strategic alternatives.

Companies in this story: (TSX:CFP)

The Canadian Press