Financial, legal advice hired by Canfor after Great Pacific buying proposal

After one of B.C.'s most influential businessmen made a pitch to buy outstanding common shares of Canfor, the company has hired legal advisers. 

Canfor announced they have retained Greenhill & Co. Canada Ltd. as the financial adviser to the Special Committee of Canfor's board of directors. 

It was also announced the Special Committee has hired Olser, Hoskin & Harcourt LLP as legal counsel. 

The committee was formed to review and evaluate the unsolicited and non-binding proposal by Great Pacific Capital Corp., in which they offered to buy all outstanding common shares of Canfor (except those already directly or indirectly owned by Great Pacific) with a price of $16 per common share. 

Pattison made the unsolicited offer on Aug. 10. 

Great Pacific already owns 50.7 per cent of the company; a successful bid would take the company 100 per cent private.

At $16 per share, and 125 million common shares, Pattison's offer works out to $980 million.

The Special Committee of Canfor is comprised of Conrad Pinette (chair), John Baird, Barbara Hislop, and J. McNeill (Mack) Singleton. 

"Canfor does not intend to comment on or disclose further developments regarding the Special Committee’s evaluation of the Indicative Offer unless and until it deems further disclosure is appropriate or required," a news release says. "The Indicative Offer is non-binding on Great Pacific. There can be no assurance that a transaction will be completed or on what terms."

Canfor has been subject to numerous downfalls as of late in the struggling forestry industry in the B.C. interior and northern B.C., including Prince George.