British Columbia Supreme Court approves sale of TimberWest to investment groups for C$6.16 in cash per stapled unit; transaction expected to close before end of June
June 17, 2011
– TimberWest Forest Corp. (TSX: TWF.UN) ("TimberWest" or the "Company") announced today that the British Columbia Supreme Court has issued a final order approving the statutory plan of arrangement under which British Columbia Investment Management Corporation and the Public Sector Pension Investment Board will indirectly acquire all of TimberWest's outstanding stapled units at a price of $6.16 in cash per stapled unit (the "Transaction").
The Transaction was approved by approximately 98% of the votes cast by TimberWest unitholders and optionholders at an annual general and special meeting held on June 14, 2011. Subject to receipt of Competition Act approval and the satisfaction or waiver of the other conditions to closing, the Transaction is expected to close before the end of June 2011, following which the stapled units of TimberWest will be de-listed from theToronto Stock Exchange.
TimberWest is uniquely positioned as western Canada's largest private timber and land management company. The Company owns in fee simple approximately 327,000 hectares or 808,000 acres of private land and is in the business of selling timber products and real estate.