NASHVILLE, Tenn. & VANCOUVER, British Columbia--Louisiana-Pacific Corporation and Ainsworth Lumber Co. Ltd. have announced that they have agreed to extend the outside date for completion of the previously announced plan of arrangement under the Business Corporations Act (British Columbia) involving the proposed acquisition by LP of all the outstanding common shares of Ainsworth, from April 18 to June 2, 2014.
The extension comes as a result of continued discussions with each of the Canadian Competition Bureau and the Antitrust Division of the U.S. Department of Justice as both Ainsworth and LP continue to work with the CCB and the DOJ as they conduct their reviews. The Arrangement agreement permits either party to further extend the outside date for an additional 45 day period if required to obtain certain regulatory approvals.
The closing of the Arrangement remains subject to a number of conditions, including the expiration or termination of the waiting period under the HSR Act and the receipt of other regulatory approvals and clearances including under the Canadian Competition Act.
Further information about the Arrangement is set out in Ainsworth’s management proxy circular dated September 24, 2013, which is available under Ainsworth’s profile on www.sedar.com and under LP’s profile at www.sec.gov.