Mercer (MERC) Gets Cease Trade Order from Québec on Fibrek Rights Plan; Will Continue Anyway
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Mercer International Inc. (Nasdaq: MERC) announced that the Bureau de décision et de revision (Québec) has issued a cease trade order against the previously announced shareholder rights plan adopted by Fibrek Inc. on April 11, 2012.
Jimmy S.H. Lee, Mercer's Chairman and Chief Executive Officer, stated: "We are disappointed with the decision of the Bureau, which we believe inhibits Fibrek shareholders from receiving the higher consideration under our offer for all of the outstanding common shares of Fibrek (the "Offer"). Despite the decision, we are continuing with our Offer and plan to mail a notice of change, variation and extension respecting the increased Offer to Fibrek shareholders on or before April 13, 2012."
Proceedings continue before the Bureau respecting Mercer's application for a cease trade order and/or other relief in respect of the take-over bid made by AbitibiBowater Inc. for Fibrek. Additionally, the Supreme Court of Canada has granted Fibrek's request to expedite its application for permission to appeal the Québec Court of Appeal's decision to maintain the cease trade order of the proposed private placement of special warrants to purchase common shares of Fibrek to Mercer.
Jimmy S.H. Lee, Mercer's Chairman and Chief Executive Officer, stated: "We are disappointed with the decision of the Bureau, which we believe inhibits Fibrek shareholders from receiving the higher consideration under our offer for all of the outstanding common shares of Fibrek (the "Offer"). Despite the decision, we are continuing with our Offer and plan to mail a notice of change, variation and extension respecting the increased Offer to Fibrek shareholders on or before April 13, 2012."
Proceedings continue before the Bureau respecting Mercer's application for a cease trade order and/or other relief in respect of the take-over bid made by AbitibiBowater Inc. for Fibrek. Additionally, the Supreme Court of Canada has granted Fibrek's request to expedite its application for permission to appeal the Québec Court of Appeal's decision to maintain the cease trade order of the proposed private placement of special warrants to purchase common shares of Fibrek to Mercer.
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