No deal.
Canfor announced tonight (Dec. 16) the arrangement agreement between themselves and Great Pacific Capital Corp., owned by B.C. business mogul Jim Pattison, has been terminated.
The company says the 'majority of the minority' vote required to approve the transaction would not be achieved by the Dec.16, 2019, proxy cutoff.
Canfor adds roughly 45 per cent of the votes cast by proxy by minority shareholders were in favour of the agreement.
A special meeting of Canfor Shareholders scheduled for Wednesday (Dec. 18) has also been cancelled as a result of the termination.
The purchaser (Great Pacific Capital Corp.) will pay 50 per cent of the actual reasonable out of pocket expenses incurred by Canfor in connection with the arrangement from the date it was made to today.
"AST Trust Company (Canada), as depositary for the Arrangement, will be returning any physical share certificates that have been submitted by shareholders of Canfor in connection with the Arrangement forthwith in accordance with the instructions contained in the letters of transmittal," the announcement concludes.
