Resolute Forest Products, formerly known as AbitibiBowater, extended its hostile offer for Canadian pulp producer Fibrek Inc, which on Friday agreed to be bought by larger peer Mercer International. Resolute extended its bid for Fibrek by 10 days to February 23, without raising its initial offer price of about $130 million, which is about 30 percent lower than Mercer's bid.The extension leaves the window open for a bidding war between Resolute and Mercer.Resolute said it would evaluate all available options concerning the competing offer announced on Friday.About 52 percent of Fibrek's outstanding shares have been tendered in favour of its offer as of Feb. 10, Resolute said in a statement.
Fibrek Inc. (Fibrek), formerly SFK Pulp Fund, is a producer and marketer of virgin and recycled kraft pulp. Shares of FBK remained unchanged at $1.32. On average, 0 shares of FBK.TO exchange hands on a given day and today's volume is recorded at 0.
Mercer International Inc. (Mercer) operates in the pulp business and is a producer of market northern bleached softwood kraft (NBSK) pulp. Shares of MERC remained unchanged at $8.14. In the past year, the shares have traded as low as $5.30 and as high as $15.27. On average, 244581 shares of MERC exchange hands on a given day and today's volume is recorded at 0.
Source
