Jim Pattison makes offer to take Canfor Corp. private at $16 per share

first_imgVANCOUVER – Jim Pattison’s Great Pacific Capital Corp. has made an offer to buy the rest of Canfor Corp. it does not already own for $16 per share.Shares in Canfor closed at $8.80 on the Toronto Stock Exchange on Friday.Great Pacific already owns about a 51 per cent stake in the lumber producer.- Advertisement -The offer values Canfor at about $2 billion.Great Pacific says the proposed transaction will allow for the elimination of the significant costs related to maintaining a public company listing and allow for reinvestment of that money in the company’s operations.Canfor says it has formed a special committee of independent directors to review the offer and consider its strategic alternatives.Advertisementlast_img