With less than a week left for shareholders in the Vancouver-based timber company Canfor Corp. to vote on a $16 per share buyout offer, small and large investors are balking that the offer is too low, setting up a fight with the billionaire Jim Pattison.
Clark said that Great Pacific hasn’t budged off its $16 per share offer because “we’re not too fussed about it:” if shareholders want to reject the deal, that’s fine, he said. His company is a long-term investor and can always come back in the future with a new offer if this deal doesn’t work out, he said.
According to his analysis of Canfor’s five acquisitions since 2014, the company paid on average US$467 per thousand board feet of lumber capacity it acquired. But Pattison’s offer provides shareholders with only US$268 per thousand square feet. For the transaction to complete, a majority of the minority shareholders must vote for the deal by Dec. 16. Some are speaking out against the deal.
“That share buyback was based on long-term plans,” LeBrun said. “We find that although this year has been tougher, we do see a lot of positive signs as far as just the pricing of lumber which has increased a lot since the summer.”
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