Futura, Arbutus seek to take Tree Island Steel private

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.