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Canfor Corp., Vancouver, B.C., has reached an agreement with majority stockholder Great Pacific Capital Corp. to take the company private.
Under the proposed near-billion-dollar deal, Great Pacific, which along with its affiliates owns approximately 51% of Canfor’s issued and outstanding common shares, will acquire all Canfor shares it does not already own for $16 cash per share. The proposal will be put to a vote at a special shareholders meeting this month. The price represents an 81.8% premium over its level on the day before Great Pacific made its offer.