AbitibiBowater Inc., doing business as Resolute Forest Products has announced that it has reduced to 59,502,822 shares the minimum tender condition of its offer to acquire all of the issued and outstanding shares of Fibrek Inc. Presently, 59,502,822 Fibrek shares are committed to Resolute's offer pursuant to the previously disclosed lock-up agreements, representing approximately 45.7% of shares currently outstanding. The Company also announced that it has extended the expiry time of its offer to 11:59 p.m. on April 11.

As of the close of business on March 30, approximately 60.3 million common shares of Fibrek had been deposited to Resolute's offer, representing approximately 46.4% of the currently outstanding shares.

In the event that the cease trade order imposed by the Bureau de décision et de révision (Québec) relating to the special warrants is not in full force and effect at the expiry time, the minimum tender condition will instead be 81,197,780 Fibrek shares. "Special warrants" refers to the Fibrek securities issuable to Mercer International Inc. (Nasdaq: MERC) (TSX: MRI.U), as disclosed by Fibrek and Mercer on February 10.

The Company also announced that on Friday, March 30, the Ontario Securities Commission dismissed Mercer's application for a hearing to cease trade the Company's offer for Fibrek. Resolute intends to vigorously contest Mercer's parallel application before the Bureau de décision et de révision (Québec) during a hearing scheduled for April 2.

The offer to acquire all of the issued and outstanding shares of Fibrek made by Resolute, together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation that Resolute filed on December 15, 2011, on the "SEDAR" website maintained by the Canadian Securities Administrators, as varied and extended. The offer will expire at 11:59 p.m. (Eastern Time) on April 11, 2012, unless it is extended or withdrawn by Resolute.