Resolute Forest ProductsNow Owns 70.9% of Fibrek

May 14, 2012 - AbitibiBowater Inc., doing business as Resolute Forest Products, [on May 14] announced that it has taken up and accepted for payment 9,894,933 additional shares of Fibrek Inc. deposited to its offer as of the close of business today. Together with the shares the Company acquired up to and including May 4, Resolute holds approximately 70.9% of the currently outstanding Fibrek shares. As aggregate consideration for the shares taken up today, Resolute will distribute approximately 280,000 newly-issued shares of its common stock and CAD$5.4 million in cash through RFP Acquisition Inc., a wholly-owned subsidiary.

Resolute reminds Fibrek's shareholders that, as previously announced, the offer will NOT be further extended and will expire definitively at 5:00 p.m. (Eastern time) on May 17, 2012. As further described in the offer circular and other ancillary documentation related to the offer (as amended), Resolute intends to carry out a second step transaction to acquire the Fibrek shares not deposited in the offer. With more than 66 2/3% of the Fibrek shares having been deposited to and taken up by Resolute under its offer, Resolute is in a position to cause a second step amalgamation or arrangement transaction to be approved by Fibrek's shareholders at a special meeting of shareholders to be convened and held for such purpose. By tendering before the final expiry time, remaining Fibrek shareholders will avoid the risks associated with a potentially illiquid market until Resolute can complete the second step transaction for the remaining Fibrek shares.

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 expires at 5:00 p.m. (Eastern time) on May 17, 2012.

SOURCE: Resolute Forest Products