Nip Impressions logo
Thu, Mar 28, 2024 16:47
Visitor
Home
Click here for Pulp & Paper Radio International
Subscription Central
Must reads for pulp and paper industry professionals
Search
My Profile
Login
Logout
Management Side
Rayonier Advanced Materials and Tembec Provide Update on Transaction

JACKSONVILLE, Fla. & MONTREAL -- Rayonier Advanced Materials Inc. and Tembec Inc. announced that, as a result of legislation that went into effect, approval of the acquisition by Rayonier Advanced Materials of all of the outstanding shares of Tembec (the "Transaction") under the Investment Canada Act (the "ICA") is no longer required as a closing condition of the Transaction.

This new legislation, entitled the Canada-European Union Comprehensive Economic and Trade Agreement Implementation Act (the "Act"), provides for, among other things, the increase of the threshold for governmental approval of an acquisition of a Canadian business by certain non-Canadian investors (including investors from the United States, such as Rayonier Advanced Materials) from an enterprise value of the Canadian business of CDN$1 billion, to CDN$1.5 billion. As such, the Transaction falls below the new threshold.

Subject to obtaining other necessary and customary governmental approvals relating to certain forestry and energy-related agreements, as well as the satisfaction or waiver of the conditions to the Transaction, it is expected that the Transaction will be completed in the second half of the fourth quarter of 2017.

****

Jim Thompson is back again...with a new book on a taboo subject: the personalities in the pulp & paper industry. Jim has written in the past on many subjects based on his four plus decades in the worldwide pulp and paper industry. This new book is packed full of information valuable to the senior member of the industry as well as the recent entrant. A must for every pulp and paper library.


Printer-friendly format

 





Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: