By: The Working Forest Staff
MONTREAL – The Québec Superior Court has approved the transaction involving the acquisition by Rayonier Advanced Materials of all of the outstanding shares of Tembec. The deal is structured as a statutory arrangement under Section 192 of the Canada Business Corporations Act.
The transaction has already received shareholder approval and clearance from Germany’s Federal Cartel Office, and the Hart-Scott-Rodino premerger notification waiting period has been terminated. Applications for clearance from the applicable regulatory authorities in Canada and China, respectively, are pending.
It is expected that the transaction will be completed in the fourth quarter of 2017.
Rayonier Advanced Materials is a global supplier of high purity cellulose with plants in Florida and Georgia. Tembec manufactures of forest products – lumber, paper, pulp and high purity cellulose – from locations in Canada and France.