Resolute Updates Status and Extends its Offer for Fibrek
March 19, 2012 - AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute"), today announced that the Quebec Court of Appeal has accepted to hear the Company's appeal from the Court of Quebec's decision reversing the cease trade order on Fibrek Inc.'s private placement of 32,320,000 special warrants to Mercer International Inc. The cease trade order was issued on February 23 in a decision of the Bureau de decision et de revision (Quebec). The appeal will be heard in the week of March 19, 2012.
Resolute also announced that it has extended the expiry date for its offer to acquire all of the issued and outstanding common shares of Fibrek to March 29, 2012.
The offer to acquire all of the issued and outstanding shares of Fibrek made by Resolute, together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation that Resolute filed on December 15, 2011, on the "SEDAR" website maintained by the Canadian Securities Administrators, as varied and extended. The offer will expire at 5:00 p.m. (Eastern Standard Time) on March 29, 2012, unless it is extended or withdrawn by Resolute. As of the close of business on March 16, 2012, approximately 60.4 million common shares of Fibrek had been deposited to Resolute's offer, representing approximately 46.4% of the outstanding common shares.
SOURCE: Resolute Forest Products