VANCOUVER — Shareholders of TimberWest Forest Corp. (TSX:TWF.UN) have overwhelmingly approved the $1.03-billion acquisition of the timber and land management company by two major pension fund managers.
The acquisition bid by the British Columbia Investment Management Corp. and the Public Sector Pension Investment Board, is equivalent to $6.16 per stapled unit, including debt.
TimberWest said about 98 per cent of shareholders approved the transaction at a meeting on Tuesday.
Closing of the transaction is subject to final court and other approvals but is expected to be completed by the end of the month.
TimberWest is Western Canada's largest private timber and land management company, with about 327,000 hectares of private land. It sells timber and real estate.
BC Investment Management is an independent money manager that manages a global investment portfolio of more than $86 billion for its clients, which include public sector pension plans, insurance funds and public trusts.
PSP Investments is an investment manager that manages investments for the pension funds of the Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force.
TimberWest units were unchanged at $6.07 Tuesday afternoon on the Toronto Stock Exchange.
Source: http://www.google.com/hostednews/canadianpress/article/ALeqM5jFux7viKS52xT8eNl-4DYvcBctQg?docId=7148404