B.C. forestry giant Canfor agrees to go private in deal with billionaire Jim Pattison

Under the terms of the near-billion-dollar deal, billionaire Jim Pattison’s Great Pacific Capital Corp., which currently owns 51 per cent of Canfor shares, would buy the remaining 40 per cent at $16 per share.

That’s an 81 per cent premium over the $8.80 closing price of Canfor stock when it halted trading on Aug. 9 after Great Pacific made the offer.

The company agreed to the plan based on the recommendation of an independent committee of its board of directors.

And it’s touting the deal as a boon to shareholders amid “ongoing industry headwinds … including high log costs due to supply constraints and significant declines in benchmark price for both lumber and pulp.”