VANCOUVER — Great Pacific Capital Corp., which is controlled by shareholder Jim Pattison, has offered $981.7 million in cash to take Canfor Corp. private. The bid works out to $16 for each share Great Pacific does not already own, about 49% of Canfor. The 90-year-old billionaire is known for taking a long-term approach to his investments and staying with companies to weather industry downturns, the Canadian Press noted.
“The elimination of the significant administrative expenses incurred in maintaining a public company listing in Canada will allow for reinvestment of these funds into stabilization of the company’s operations,” read a statement from Great Pacific issued over the weekend. The company added Canfor’s challenges are “best suited to a private company with a long-term focus.” Pattison’s 10% stake in West Fraser Timber has in the past prompted speculation about a potential merger of the two forestry firms. By contrast, the offer on the table would remove Canfor from public trading.