MONTREAL (News release) -- Stockholders of Resolute Forest Products Inc. approved a proposal to adopt the Agreement and Plan of Merger, dated as of July 5, 2022 (as it may be further amended, modified or supplemented from time to time, the "merger agreement"), by and among the company, Domtar Corporation, a Delaware corporation ("Domtar"), Terra Acquisition Sub Inc., a Delaware corporation and a wholly owned subsidiary of Domtar ("Merger Sub"), Karta Halten B.V., a private limited company organized under the laws of the Netherlands, and Paper Excellence B.V., a private limited company organized under the laws of the Netherlands, pursuant to which Merger Sub will be merged with and into the company (the "merger"), with the company surviving as a wholly owned subsidiary of Domtar.
The adoption of the merger agreement required the affirmative vote of stockholders holding a majority of the issued and outstanding shares of Resolute's common stock entitled to vote on such matter.
A total of 81.5% of the issued and outstanding shares of Resolute's common stock entitled to vote at the special meeting of stockholders was voted in favor of the merger agreement. Of the total shares voted, 99.8% were voted in favor of the merger agreement. In addition, the non-binding compensation advisory proposal was also approved by a majority of the shares represented at the meeting.
Resolute currently expects to complete the merger in the first half of 2023, subject to receipt of regulatory approvals and the satisfaction or waiver of the other conditions to the closing of the merger.