(All financial information is in U.S.
Dollars)
RICHMOND, BC and MONTREAL,
Dec. 28,
2022 /CNW Telbec/ - The Paper Excellence Group (the
"Group"), through its wholly-owned subsidiary Domtar Corporation
("Domtar"), a global diversified manufacturer of pulp and
specialty, printing, writing, and packaging papers, and Resolute
Forest Products Inc. ("Resolute") (NYSE: RFP) (TSX: RFP),
a global forest products company, jointly announced that the
Canadian Commissioner of Competition has entered into a consent
agreement regarding the parties' business combination. Once the
combination has been finalized, Domtar will acquire all of the
outstanding common shares of Resolute stock for $20.50 per share and one contingent value right
tied to potential duty deposit refunds of up to $500 million.
The consent agreement filed by the Canadian Commissioner of
Competition with the Competition Tribunal today completes one of
the remaining conditions to the closing of the transaction.
The transaction remains on course to close in the first half of
2023, subject to the satisfaction or waiver of the other
conditions to the closing of the merger.
Cautionary Statements Regarding Forward-Looking
Statements
Statements in this document that are not reported financial
results or other historical information of Resolute are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, for example, statements included in this
document relating to the proposed transaction between Resolute and
Domtar; the prospective performance and outlook of Resolute's
business, performance and opportunities; the ability of the parties
to complete the proposed transaction and the expected timing of
completion of the proposed transaction; as well as any assumptions
underlying any of the foregoing. Forward-looking statements may be
identified by the use of forward-looking terminology such as the
words "should," "would," "could," "will," "may," "expect,"
"believe," "see," "intends," "continue" and other terms with
similar meaning indicating possible future events or potential
impact on Resolute's business or its stockholders. The reader is
cautioned not to place undue reliance on these forward-looking
statements, which are not guarantees of future performance. These
statements are based on management's current assumptions, beliefs,
and expectations, all of which involve a number of business risks
and uncertainties that could cause actual results to differ
materially. Many factors could cause actual future events to differ
materially from the forward-looking statements in this document,
including but not limited to: uncertainties as to the timing of the
proposed transaction; the risk that the proposed transaction may
not be completed in a timely manner or at all; the possibility that
any or all of the various conditions to the consummation of the
proposed transaction may not be satisfied or waived, including the
failure to receive any required regulatory approvals from any
applicable governmental entities (or any conditions, limitations or
restrictions placed on such approvals); the occurrence of any
event, change or other circumstance that could give rise to the
termination of the merger agreement, including in circumstances
that would require Resolute to pay a termination fee or other
expenses; the inability to recover softwood lumber duty refunds in
a timely manner or at all; the effect of the pendency of the
proposed transaction on Resolute's ability to retain and hire key
personnel, its ability to maintain relationships with its
customers, suppliers and others with whom it does business, its
business generally or its stock price; and risks related to
diverting management's attention from Resolute's ongoing business
operations. In addition, please refer to the documents that
Resolute files with the SEC on Forms 10-K, 10-Q and 8-K. These
filings identify and address other important risks and
uncertainties with respect to Resolute and its business that could
cause events and results to differ materially from those contained
in the forward-looking statements set forth in this document. All
forward-looking statements in this document are expressly qualified
by the cautionary statements contained or referred to above and in
Resolute's other filings with the SEC and the Canadian securities
regulatory authorities. Resolute disclaims any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except
as required by law.
About Resolute Forest
Products
Resolute is a global leader in the forest products industry with
a diverse range of products, including market pulp, tissue, wood
products and papers, which are marketed in over 60 countries.
The company owns or operates some 40 facilities, as well as power
generation assets, in the United
States and Canada. Resolute
has third-party certified 100% of its managed woodlands to
internationally recognized sustainable forest management standards.
The shares of Resolute trade under the stock symbol RFP on both the
New York Stock Exchange and the Toronto Stock Exchange.
Resolute has received regional, North American and global
recognition for its leadership in corporate social responsibility
and sustainable development, as well as for its business practices.
Visit www.resolutefp.com for more information.
About Domtar
Domtar is a leading provider of a wide variety of fiber-based
products including communication, specialty and packaging papers,
market pulp and airlaid nonwovens. With approximately
6,400 employees serving more than 50 countries around the
world, Domtar is driven by a commitment to turn sustainable wood
fiber into useful products that people rely on every day. Domtar's
principal executive office is in Fort
Mill, South Carolina and Domtar is part of the
Paper Excellence group of companies. To learn more, visit
www.domtar.com.
About Paper Excellence
The Paper Excellence Group is a privately-held holding company
that oversees individual pulp and paper business units. Its
operations include the manufacturing of pulp and specialty,
printing and writing, and packaging papers, producing over 7
million tons annually with a workforce of over 10,000 in its nearly
40 locations across the Americas and Europe. For more information on Paper
Excellence, please visit www.paperexcellence.com.
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SOURCE Paper Excellence Group