Shareholders of TimberWest Forest have approved its proposed acquisition by British Columbia Investment Management Corporation (bcIMC) and Public Sector Pension Investment Board (PSP Investments). They have offered to buy the timber and land management company for about $1.04 billion. The offered deal includes assumed debt, adds Vancouver Sun. bcIMC already owns a 22% stake in TimberWest. The Canadian pension fund and bcIMC will each own a 50% stake in the company after the acquisition, which is expected to be completed by the end of June 2011.
Click here for the release from PR Newswire.
Click here for the additional coverage from Vancouver Sun.
