Resolute extends offer for Fibrek
Jan 20, 2012. Resolute Forest Products extended to February 13 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek Inc.
Jan 20, 2012. /Lesprom Network/. AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") extended to February 13 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek Inc., as the company said in a press release received by Lesprom Network.
The extension is intended to allow the Canadian Competition Bureau to complete its review of the proposed acquisition following its request for supplementary information and the Bureau de révision et décision (Québec) to hear Resolute's application for an order to cease trade the Fibrek shareholder rights plan (the "tactical poison pill").
"A supplementary information request is a normal part of the regulatory process," said Richard Garneau, President and CEO. "We will continue to work with the Canadian competition authority and provide it with the responsive information."
He added: "We're pleased to see that over 57% of Fibrek shares have been tendered as of today. The success of our bid should be up to shareholders, unimpeded by management entrenchment maneuvers like the tactical poison pill."
Resolute 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. Resolute owns or operates 18 pulp and paper mills and 23 wood product facilities in the United States, Canada and South Korea.