By James Peters/CFJC Today

Canfor hires bank

Canfor hires bank to evaluate shares in response to Pattison offer

Aug 26, 2019 | 6:00 PM

VANCOUVER — Canfor says it has retained an investment bank to evaluate its common share value in response to BC billionaire Jim Pattison’s bid to buy out the company’s shareholders.

Pattison’s Great Pacific Capital Corp. already owns about 51 per cent of Canfor’s shares. Earlier this month, Great Pacific offered to buy the remaining shares for $16 each.

Like many forestry companies, Canfor is struggling with a soft market for its product, as well as timber supply shortages in BC.

The company announced the closure of its Vavenby sawmill in June and the indefinite closure of its Mackenzie sawmill last month.

In a news release, Canfor says it has retained Greenhill and Company to prepare a valuation of its common shares. It says it has also retained Osler, Hoskin and Harcourt LLP as legal counsel.

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Note: Jim Pattison owns the Jim Pattison Broadcast Group, which operates CKPGToday.