Mercer withdraws its cease trade application
Apr 19, 2012. Resolute Forest Products announced that Mercer International Inc. has withdrawn its application requesting an order to cease trade Resolute's offer to acquire Fibrek Inc. Mercer filed its application with the Bureau de décision et de révision (Québec) on March 29.
Apr 19, 2012. /Lesprom Network/. Resolute Forest Products announced that Mercer International Inc. has withdrawn its application requesting an order to cease trade Resolute's offer to acquire Fibrek Inc. Mercer filed its application with the Bureau de décision et de révision (Québec) on March 29.
Yesterday the Company announced that the Supreme Court of Canada had refused to hear an appeal by Fibrek and Mercer of the Québec Court of Appeal's decision concerning Fibrek's special warrants. Accordingly, the order issued by the Bureau de décision et de révision (Québec) on February 23 is now final and non-appealable, and Fibrek's dilutive private placement of 32,320,000 special warrants to Mercer is definitively cease traded.
On April 11, Resolute acquired 60,831,859 Fibrek shares, representing approximately 46.8% of those currently outstanding, and announced that it had extended the expiry time for its offer in order to allow additional Fibrek shareholders to participate. The offer currently expires at 5:00 p.m. (Eastern time) on April 23, 2012.
Resolute Forest Products is a global leader in the forest products industry with a diverse range of products, including newsprint, commercial printing papers, market pulp and wood products. The Company owns or operates 18 pulp and paper mills and 23 wood products facilities in the United States, Canada and South Korea.