Specialty pulp maker Fibrek Inc has become the target of a takeover battle between AbitibiBowater Inc and Mercer International, signaling that the outlook for Canada's forest products industry is brightening. AbitibiBowater's C$130 million ($130.91 million) bid has the backing of Fibrek's largest shareholders, including Prem Watsa's Fairfax Financial Holdings, even though Mercer's C$170 million cash-and-stock offer is 30 percent higher.Following are the milestones in this battle:Nov 28 - AbitibiBowater commences bid for Fibrek, offers C$1 per share valuing the company at C$130 million.Nov 29 - Fibrek acknowledges unsolicited takeover bid from AbitibiBowater. Says bid appears opportunistic.
Fibrek Inc., along with its subsidiaries, is a producer and marketer of virgin and recycled kraft pulp. Shares of FBK remained unchanged at $1.23. On average, 0 shares of FBK.TO exchange hands on a given day and today's volume is recorded at 0.
Mercer Inc. (Mercer) operates in the pulp business and is the producer of market northern bleached softwood kraft (NBSK) pulp. Shares of MERC fell by 3.75% or $-0.29/share to $7.45. In the past year, the shares have traded as low as $5.30 and as high as $15.27. On average, 218839 shares of MERC exchange hands on a given day and today's volume is recorded at 48412.
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