Fibrek reviews take-over bid by Resolute Forest Products
The Board of Directors of the Canadian virgin and recycled kraft pulp producer Fibrek is currently reviewing and evaluating the take-over bid announcement by Resolute Forest Products (Resolute). Fibrek says Resolute's unsolicited offer appears opportunistic and the Board recommends that shareholders defer making any decision until the review of full details of the offer is completed. A formal recommendation to Fibrek shareholders is to be communicated as soon as possible.
Resolute Forest Products, the former AbitibiBowater Inc, is offering CAD1.00 in cash or CAD0.55 in cash and 0.0284 of a Resolute share for each Fibrek common share. There is also a "shares only option" which sees Fibrek shareholders receiving 0.0632 of Resolute shares per Fibrek common share.