TimberWest Forest Corp (TWF_u.TO) said on Tuesday a C$1.03 billion ($1.06 billion) takeover bid from two Canadian pension funds was the best one available, as it failed to raise a superior offer during a 60-day solicitation. TimberWest, which sells timber from the nearly 328,000 hectares (810,000 acres) on Vancouver Island, had agreed on April 11 to the takeover by the British Columbia Investment Management Corp and the Public Sector Pension Investment Board. But it had 60 days to solicit a higher proposal from third parties. During the process, TimberWest's financial adviser, BMO Capital Markets (BMO.TO), contacted 31 parties, including five that entered standstill and confidentiality agreements, and set a deadline for offers. "That date has now passed and no superior proposal has been received, and the company and BMO Capital Markets are no longer in active dialogue with any prospective purchaser," TimberWest said in a statement.
Bank of Montreal (BMO) provides a range of credit and non-credit products and services directly and indirectly through Canadian and non-Canadian subsidiaries, offices and branches. Shares of BMO remained unchanged at $61.91. In the past year, the shares have traded as low as $51.11 and as high as $66.64. On average, 738206 shares of BMO exchange hands on a given day and today's volume is recorded at 0.
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