Atlas Holdings LLC announced that is has acquired a controlling stake in Millar Western Forest Products Ltd. following the successful completion of a note exchange transaction and share exchange transaction. Established over a century ago, Millar Western is a privately-held, Alberta-based company that has long been a leader in the forest products industry. These transactions will significantly reduce the company’s indebtedness and strengthen its financial position, enhancing its ability to respond to and capitalize on developments in the forest products industry. Millar Western employs 544 people operating sawmills in Whitecourt and Fox Creek, Alberta, a pulp mill in Whitecourt and woodlands operations supplying all three mills based on sustainable forest management practices. “For over 100 years, the Millar Western name has been synonymous with excellence in the forest products industry,” said Timothy J. Fazio, Managing Partner and Co-Founder of Atlas Holdings. “This is very much an ‘Atlas-style’ investment; we’re combining our resources and industry-specific experience, both in Canada and the United States, with a company whose distinguished history, skilled workforce, strong management team and sound fundamentals offer the roadmap to a vibrant future. We are thrilled to welcome the Millar Western team to the Atlas family.” click Read More below for additional detail
Canfor Corporation (TSX:CFP) (“Canfor”) confirms that, on August 10, 2019, it received an unsolicited and non-binding proposal from Great Pacific Capital Corp. (“Great Pacific”) pursuant to which Great Pacific has suggested that it would be willing to acquire all outstanding common shares of Canfor (excluding those already directly or indirectly owned by Great Pacific) at a price of $16.00 per common share (the “Indicative 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 Board has constituted a special committee of independent directors (the “Special Committee”) to review the Indicative Offer and, in consultation with its legal and financial advisors, consider Canfor’s strategic alternatives, including Canfor’s response, if any, to the Indicative Offer.
Following the Special Committee’s review of the Indicative Offer and the receipt of financial and legal advice, Canfor will be in position to respond to the statements made by Great Pacific in its August 11, 2019 press release, should Canfor determine it is appropriate to do so.