VANCOUVER — The Futura Corp. and Arbutus Distributors have made a proposal to take Tree Island Steel private, with a cash offer of $2.25 per share. The two companies together currently own about 14.7 million shares in Tree Island, a majority of its issued and outstanding shares. “We believe the potential transaction offers fair value for the shares and is a significant opportunity for the company and its shareholders and in the best interests of the company,” said Amar Doman, who controls Futura. “Our ability to complete the potential transaction is not subject to financing and provides immediate liquidity for minority shareholders.” Futura and Arbutus have proposed that the potential transaction be structured by way of a court-supervised statutory plan of arrangement, which would require shareholder approval.
Futura, Arbutus seek to take Tree Island Steel private
Most Recent
Most Read
Weyerhaeuser sales, earnings slip in Q2
Fri, July 26th, 2024
Don’t miss the incredible speakers at the Hardlines Conference!
Fri, July 26th, 2024
Canfor announces CEO succession
Thu, July 25th, 2024
West Fraser reverses Q2 loss
Thu, July 25th, 2024
Tractor Supply’s comp sales dip in Q2
Thu, July 25th, 2024
Loblaw turns in mixed Q2 results, strong online sales
Thu, July 25th, 2024
In memoriam: blues rock legend John Mayall
Thu, July 25th, 2024
Barcodes turn 50
Wed, July 24th, 2024
Featured Classified: RONA
Wed, July 24th, 2024
RONA affiliate makes acquisitions in Ottawa area
Tue, July 23rd, 2024