Resolute Forest Products won the takeover battle for Fibrek. After Mercer International withdrew its offer, Resolute acquired more shares in the pulp manufacturer and crossed the 50% mark.
Resolute Forest Products (Resolute), formerly AbitibiBowater, now has majority control of Fibrek, with approximately 50.1% of the currently outstanding shares. The company announced that it had taken up and accepted for payment 1,633,800 additional shares of Fibrek and thus crossed the 50% mark. Its offer remains open and expires on 4 May.
Resolute already held 48.8% of the currently outstanding Fibrek shares. On 11 April, the company had announced the takeover of about 62 million shares, translating to 46.8% of outstanding shares in Fibrek. Another 2,664,351 shares were added on 24 April. Mercer International has meanwhile withdrawn its takeover offer for Fibrek shares. The pulp manufacturer's bid expired on 27 April and was not prolonged.
Resolute had announced the planned hostile takeover for C$1 per share of Fibrek back in February. Subsequently, Mercer International had offered C$1.30 per share for Fibrek and had even increased its bid to C$1.40 on 11 April.
Fibrek owns three pulp mills in Canada that have an aggregate capacity of 760,000 tpy of RBK and NBSK pulp.
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