BUSINESS: Domtar, Paper Excellence Merger Receives Canadian Competition Bureau Approval

dWeb.News Article from Daniel Webster dWeb.News

By Daniel Webster, dWeb.News Publisher

November 18, 2021 05: 00 PM Eastern Standard Time

RICHMOND, British Columbia & FORT MILL, S.C.–(BUSINESS WIRE)–Paper Excellence B.V. (“Paper Excellence”) and Domtar Corporation (NYSE: UFS) (TSX: UFS) jointly announced that they have received Canadian Competition Act approval for their business combination whereby Karta Halten B.V., an affiliate of Paper Excellence, will acquire all of the issued and outstanding shares of Domtar common stock for $55. 50 per share in cash pursuant to an agreement and plan of merger dated May 10, 2021 (the “Merger”).

Today’s closing condition for the Merger is fulfilled by the consent agreement that was filed today by the Canadian Commissioner to Competition (“Commissioner”) with Canada’s Competition Tribunal. To address concerns of the Commissioner about the Merger’s impact on wood fibre purchases from British Columbia’s Thompson/Okanagan regions, the consent agreement stipulates that Domtar’s Kamloops pulp mill be sold after the Merger is closed.

This transaction is expected to close in the fourth trimester of 2018.

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