Big Law
Paper Excellence Will Purchase Resolute Forest Products in a $2.7 Billion Deal
Canada’s Paper Excellence, through its U.S. unit Domtar, agreed to buy Resolute Forest Products Inc on Wednesday in a deal valued at about $2.7 billion, sending the U.S.-listed shares of Resolute up by 65% before the bell.
Paper Excellence will pay $20.5 per Resolute share, representing a premium of about 64% to the company’s closing price on Tuesday.
The deal is the latest move from the Richmond, British Columbia-based Paper Excellence to expand its footprint in North America, having completed the buyout of U.S. rival Domtar last year.
