Resolute Forest Products Shareholders Vote in Favor of Paper Excellence Group Offer
Resolute Forest Products Inc. (RFP) announced on Monday (10-31-22) that their shareholders have approved a proposal to adopt the Agreement and Plan of Merger, dated July 5, 2022, for the $2.7 billion acquisition offer from Paper Excellence Group. Resolute is a global leader in the forest products industry with a diverse range of products, including market pulp, tissue, wood products and papers, which are marketed in over 60 countries.
The transaction would make Paper Excellence a major player in the Quebec forest products industry. Resolute would become a subsidiary of the Domtar Group, which also became part of the B.C. company last year.
Resolute currently expects to complete the merger in the first half of 2023, subject to receipt of regulatory approvals and the satisfaction or waiver of the other conditions to the closing of the merger.
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