Canfor shareholders rebuff takeover bid

VANCOUVER ― Minority shareholders in Canfor have voted down a bid by Jim Pattison to take the forestry firm private. The B.C. magnate made a proposal in August to purchase the 49.1% of the company not already owned by his Great Pacific Capital Corp. for a cash price of $16 per share cash, or $983.8 million. In a statement this week, Great Pacific said it has dropped its bid “due to the Canfor minority shareholders voting 45% in favour and 55% against the proposal, and thus not meeting the 50%-plus threshold of the minority requirement.”