Great Pacific Capital Corp. offered to acquire an additional 49.1% stake in Canfor Corporation (TSX:CFP) from Letko, Brosseau & Associates Inc. and others for approximately CAD 980 million on August 10, 2019. Under the terms of the offer, Great Pacific Capital Corp. will acquire the shares of Canfor Corporation at a price of CAD 16 per common share payable in cash. Great Pacific Capital Corp. entered into an arrangement agreement to acquire an additional 49.1% stake in Canfor Corporation from Letko, Brosseau & Associates Inc. and others for approximately CAD 980 million on October 28, 2019. Great Pacific Capital Corp. already holds 23.78% stake in Canfor Corporation and 4123221 Canada Inc., also having The Jim Pattison Group, Inc. as the parent, and acting jointly with Great Pacific Capital Corp., holds 19.3% stake in Canfor Corporation. The offer applies to the shares in Canfor Corporation not already held by Great Pacific Capital Corp. and 4123221 Canada Inc. Great Pacific Capital Corp. has proposed that the transaction be structured by way of a court-supervised statutory plan of arrangement. The transaction is subject to approval by the shareholders of Canfor Corporation, settlement, execution and delivery of definitive agreements, no material adverse changes in the business or operations of Canfor Corporation, British Columbia Supreme Court approvals and receipt of necessary third party and regulatory approvals, in form and substance satisfactory to Great Pacific Capital Corp. The arrangement requires approval of at least 66% of the votes cast by the Shareholders of Canfor. As of October 28, 2019, the Board of Canfor Corporation approved the transaction. The Board of Canfor Corporation has constituted a special committee of independent directors to review the offer. Special Committee comprised of Conrad Pinette (Chair), John Baird, Barbara Hislop and J. McNeill Singleton. As of September 18, 2019, Letko, Brosseau & Associates Inc. intends to vote against the proposal by Great Pacific Capital Corp as it considers the deal to undervalue Canfor. As per filing on November 18, 2019, Canfor has obtained an interim order of the Supreme Court of British Columbia in connection with the proposed transaction. A special meeting of the shareholders of Canfor is scheduled to be held on December 18, 2019. The transaction is expected to close on or about December 30, 2019. As of August 26, 2019, the special committee of Canfor Corporation’s Board of Directors retained Greenhill & Co., Canada, Ltd. as financial advisor and fairness opinion provider and Trevor Scott, Jeremy Fraiberg, Alan Hutchison, Patrick Sullivan, Dov Begun and Matias Milet of Osler, Hoskin & Harcourt LLP as legal advisor to the special committee of Canfor. Brian Hiebert of DLA Piper (Canada) LLP acted as legal advisor to Canfor Corporation. Davies Ward Phillips & Vineberg LLP acted as legal advisor to Greenhill & Co. Canada Ltd. in its fairness opinion to Canfor Corporation in the transaction. Cameron G. Belsher of McCarthy Tétrault LLP acted as legal advisor to Great Pacific. Laurel Hill Advisory Group, LLC acted as proxy solicitor to Canfor. Canfor will pay Laurel Hill Advisory Group a fee of up to CAD 0.1 million. Great Pacific Capital Corp. cancelled the acquisition of additional 49.1% stake in Canfor Corporation (TSX:CFP) from Letko, Brosseau & Associates Inc. and others on December 16, 2019. Based on the Canfor shareholder votes cast by proxy prior to the December 16, 2019 proxy cutoff, the "majority of the minority" vote required to approve the Arrangement will not be achieved. The special meeting of Canfor shareholders, scheduled for Wednesday, December 18, 2019 at 9:00 a.m. has been cancelled. Great Pacific Capital Corp will pay 50% of the actual reasonable out-of-pocket expenses incurred by Canfor in connection with the arrangement