(Bloomberg) — Billionaire Jim Pattison scrapped his bid to take Canfor Corp. private after minority shareholders in the Canadian lumber company rejected the offer as too low given the turnaround in the sector.Investors voted 45% in favor of the C$16 a share offer, according to a tally of votes cast Monday, Canfor said in a statement. The buyout required a majority of the minority shareholders. Glen Clark, president of The Jim Pattison Group, said in an interview before the vote that the company had no plans to increase the bid.The Pattison Group, through its subsidiary Great Pacific Capital Corp., launched …read more
Source:: Yahoo Finance
