TimberWest Forest Corp (TWF_u.TO) said it agreed to be bought by two Canadian pension funds for about C$703 million ($735.5 million) in cash. The funds -- British Columbia Investment Management Corp and the Public Sector Pension Investment Board -- will also assume a debt of about C$300 million, according to Thomson Reuters data. The offer price of C$6.48 a unit represents a 19.5 percent premium to the Canadian timber and land management company's Friday closing price of C$5.42 on the Toronto Stock Exchange. TimberWest will pay its unitholders a deferred distribution of about C$24.5 million on April 15 by offering 4.7 million additional units, diluting the offer price to C$6.16 per unit.
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