West Fraser Timber has denied recent market and media speculation about a possible takeover bid.
The company said it “is aware of recent market and media speculation” and admitted previously meeting with wood-based panels manufacturer Kronospan, an existing shareholder, and private equity firm CVC Capital Partners. But the company said it has not received a proposal and there are no ongoing discussions regarding the terms of any transaction.
On Tuesday, July 19, Reuters reported that two European-based firms are interested in acquiring the Vancouver-based forestry company, prompting West Fraser’s stocks to go on a roller-coaster ride as investors speculated about the reported potential buyout.
