Great Pacific Capital called off its plan to take lumber producer Canfor private after the deal failed to win approval from Canfor’s minority shareholders, the Toronto Star reports. Great Pacific Capital and Canfor had previously announced an agreement for Great Pacific Capital to acquire the remaining 49% of the lumber company. A vote by Canfor shareholders cast by proxy resulted in only 45% approving the acquisition agreement.
Canfor’s Privatization Deal Fails
Canfor and Great Pacific Capital terminated their agreement due to lack of shareholder support.
