The Paper Excellence Group, through its wholly-owned subsidiary Domtar Corporation and Resolute Forest Products Inc., jointly announced that the Canadian Commissioner of Competition has entered into a consent agreement regarding the parties' business combination.
Once the combination has been finalized, Domtar will acquire all of the outstanding common shares of Resolute stock for $20.50 per share and one contingent value right tied to potential duty deposit refunds of up to $500 million.
The consent agreement filed by the Canadian Commissioner of Competition with the Competition Tribunal completes one of the remaining conditions to the closing of the transaction.
The transaction remains on course to close in the first half of 2023, subject to the satisfaction or waiver of the other conditions to the closing of the merger.
Resolute is a global leader in the forest products industry with a diverse range of products.
Domtar is a leading provider of a wide variety of fiber-based products including communication, specialty and packaging papers, market pulp and airlaid nonwovens.
The Paper Excellence Group is a privately-held holding company that oversees individual pulp and paper business units. Its operations include the manufacturing of pulp and specialty, printing and writing, and packaging papers.
