Interfor Corporation Acquires 16.2% Interest in GreenFirst Forest Products Inc.

Interfor Corporation announced on Monday (5-2-22) that its wholly owned subsidiary, Interfor East Ltd., had acquired 28,684,433 common shares in the capital of GreenFirst Forest Products Inc. (GreenFirst) from Rayonier A.M. Canada G.P., which represents approximately 16.2% of GreenFirst’s issued and outstanding common shares.

The total cash consideration was approximately C$56 million, or C$1.94 per share, and certain price protection provisions will apply in limited circumstances during a defined period following the transaction.

According to the announcement, this acquisition was made for investment purposes and builds upon, and is complementary to, Interfor’s recent expansion into Eastern Canada through the acquisition of EACOM Timber Corporation in February 2022.

Prior to this transaction, Interfor did not own or have control or direction over any common shares or other securities of GreenFirst.

Depending on various factors, including, without limitation, market conditions, general economic and industry conditions, GreenFirst’s business and financial condition and/or any other factors that Interfor may deem relevant, Interfor may take such actions with respect to its investment in GreenFirst as it deems appropriate including, without limitation, (i) acquiring or disposing of securities of GreenFirst and/or (ii) developing plans or intentions or taking actions which relate to or would result in one or more transactions involving securities of GreenFirst.