Staff photo
Stockholders of Domtar have approved a proposal from Paper Excellence to purchase the company and Dryden mill.
The $55.50 per share deal was reached May 10.
More than 81% of shareholders voted in favour of the merger.
The transaction is expected to be completed before the end of this year, subject to receiving clearance under Canada’s Competition Act and other customary closing conditions.
Paper Excellence operates eight kraft and pulp mills in British Columbia, Saskatchewan and Nova Scotia.
Their Canadian facilities employ 3,000 with production of more 3 million tonnes in pulp, printing and writing, packaging, and specialty paper.
They have been looking at entering the U.S. market.
