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Billionaire Jim Pattison offers to take Canfor private for $981M

Canadian billionaire Jim Pattison, the owner of Pattison’s Great Pacific Capital Corp., has offered to take Canfor private for approximately $981.6 million, reports The Financial Post.

Great Pacific Capital Corp. already owns 51 per cent of Canfor. The conglomerate offered to buy out the remaining shares for $16 apiece.

According to The Financial Post, Canfor has created a special committee of independent directors to review the offer.

In a press release, Canfor confirmed that Great Pacific has made an offer to take the company private, and it has formed a special committee to review the offer.

“Canfor cautions its shareholders and potential investors that the Indicative Offer is non-binding on Great Pacific and there can be no certainty that the indicative offer or any other strategic transaction with Great Pacific or any other person will be pursued by Canfor, supported by Canfor’s board of directors (the Board) or ultimately completed,” the company said in the release.

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