Fibrek announced today that its Board of Directors, with the support of its financial and legal advisors, initiated a diligent assessment of the current situation and of the intention of Resolute Forest Products to make an offer to acquire Fibrek. The Board of Directors will also fully consider any other strategic alternatives available to Fibrek and communicate Fibrek’s views to its shareholders in due course.
The Board of Directors fears that Resolute’s unsolicited offer undervalues Fibrek and its future prospects. “The consideration offered under the Resolute proposal does not capture Fibrek’s true value for its shareholders”, said Pierre Gabriel Côté, President and Chief Executive Officer of Fibrek.
Considering that the complete terms and conditions of Resolute’s unsolicited offer are still unknown, the Board of Directors again strongly recommends that shareholders defer making any decision until the Board of Directors has had an opportunity to fully review the offer and make a formal recommendation as to its merits.
