Vancouver, British Columbia, Canada, 14 June 2011 -- TimberWest Forest Corporation (TSX: TWF.UN) announced today that the company’s unitholders and optionholders have approved the proposed acquisition of TimberWest by British Columbia Investment Management Corporation (bcIMC) and the Public Sector Pension Investment Board (PSP Investments) for approximately CAD 1.03 billion in cash, including assumed debt, or CAD 6.16 per stapled unit (the transaction).
At the annual general and special meeting of security holders held this morning, the transaction was approved by approximately 98% of the votes cast by unit holders and by approximately 98% of the votes cast by unit holders and option holders, voting together as a class. TimberWest unitholders also approved today the continuation of the company as a federal corporation under the Canada Business Corporations Act.
The closing of the transaction remains subject to final court approval, approval under the Competition Act, and the satisfaction or waiver of the other conditions specified in the arrangement agreement entered into on 10 April 2011. An application for final court approval is scheduled to be heard by the British Columbia Supreme Court on 17 June 2011. Subject to court approval being obtained, receipt of Competition Act approval, and the satisfaction or waiver of all remaining closing conditions, the transaction is expected to close before the end of June 2011.
TimberWest is uniquely positioned as western Canada’s largest private timber and land management company. The company owns in fee simple approximately 327,000 hectares or 808,000 acres of private land and is in the business of selling timber products and real estate.