Canfor and Great Pacific terminate arrangement agreement after 55% of Canfor's minority shareholders voted against the takeover proposal.
Jim Pattison's Great Pacific Capital Corporation will not take full control of Canada's forest products company Canfor Corporation. The two companies agreed to terminate the previously announced arrangement agreement after the majority of Canfor's minority shareholders voted against the proposal.
Great Pacific offered C$16 per Canfor share to acquire the remaining 49% stake in the company and take Canfor private. However, the proposed plan of arrangement failed to get the majority of votes among Canfor's minority shareholders.
Great Pacific announced that it would not be pursuing this opportunity any further.
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