Longview Fibre shareholders approve sale to Brookfield
April 20, 2007 - Longview Fibre Company yesterday said that its shareholders approved the Agreement and Plan of Merger, dated as of February 2, 2007, as amended, by and among Longview, Brookfield Asset Management, Inc. and Horizon Acquisition Co., a wholly-owned subsidiary of Brookfield.
On Feb. 5, Brookfield and Longview announced a definitive agreement for Brookfield to acquire all the outstanding shares of Longview for cash at a price of US$24.75 per share, for a total transaction value of approximately US$2.15 billion, which includes about $518 million assumed debt.
The deal will add Longview's 588,000 acres of timberlands in Washington and Oregon to the 2 million acres — including 635,000 in British Columbia — that Brookfield already manages.
Longview, which converted to a real-estate investment trust last year, employs about 3,000 people.
Longview said it expects the deal to close shortly.
SOURCE: Lonview Fibre and other industry news reports