West Fraser set to acquire Norbord
Chris Adams-My Cariboo Now
West Fraser is set to acquire Norbord in an all-stock transaction, roughly equating to $4 Billion CAD. Following the deal, the companies will continue to operate as West Fraser.
Norbord’s 100 Mile House OSB mill was closed permanently on November 5th, no plans for the Mill have been announced by West Fraser.
West Fraser President and CEO Raymond Ferris spoke with Vista Radio.
“Norbord’s OSB production is a perfect complement to the West Fraser Portfolio, enabling us to create a wider range of wood products and making us a more complete, efficient, and valuable partner for our customers”.
Norbord’s shareholders will receive 0.675 of a West Fraser share for each Norbord share, which is $49.35 CAD per common Norbord share. Upon closing, current West Fraser shareholders will own approximately 56% of the company, Norbord Shareholders will own the other 46%.
A link to the news release can be found here.
– with files from Darren Bain, My Cariboo Now staff