Displaying items by tag: Resolute Forest Products

Friday, 16 March 2012 12:30

Resolute Updates Status of Fibrek Offer

AbitibiBowater Inc., doing business as Resolute Forest Products has announced that it has received a favorable decision from the federal Minister of Industry, following his review of the Company's proposed acquisition of Fibrek Inc. under the Investment Canada Act.

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 The offer will expire at 5:00 p.m. (Eastern Standard Time) on March 19, 2012, unless it is extended or withdrawn by Resolute.

Questions and requests for assistance or further information on how to tender Fibrek common shares to the offer should be directed to, and copies of the above referenced documents may be obtained by contacting, Georgeson at 1-866-598-0048 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.

Published in Canadian News

AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), has announced that the Bureau de décision et de révision (Québec) has accepted, with immediate effect, the Company's application to cease trade Fibrek Inc.'s ("Fibrek") (TSX: FBK) private placement of 32,320,000 special warrants to Mercer International Inc.("Mercer") (Nasdaq: MERC) (TSX: MRI.U).

Resolute also announced today that it has extended to March 9, 2012 the expiry date for its offer to acquire all the issued and outstanding common shares of Fibrek. 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 Canadian Securities Administrators' website ("SEDAR"), as varied and extended. The offer will expire at 5:00 p.m. (Eastern Standard Time) on March 9, 2012, unless it is extended or withdrawn by Resolute.

Resolute continues to work diligently to obtain all required approvals from the Canadian regulatory authorities. As of the close of business on February 23, 2012 approximately 67 million common shares of Fibrek had been deposited to Resolute's offer, representing approximately 51.5% of the outstanding common shares.

Questions and requests for assistance or further information on how to tender Fibrek common shares to the offer should be directed to, and copies of the above referenced documents may be obtained by contacting, Georgeson at 1-866-598-0048 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.

Published in Canadian News

Richard Garneau, President and Chief Executive Officer of AbitibiBowater Inc., doing business as Resolute Forest Products, will speak at the 2012 Credit Suisse Global Paper and Packaging Conference in New York City on Thursday, February 23, at 9:35 a.m. ET.

A copy of the presentation and a link to a live audio webcast will be available on the Company's website shortly before the presentation under "Presentations and Webcasts" at www.resolutefp.com/investors. A replay of the presentation will be available for six months.

About Resolute Forest Products

Resolute is a global leader in the forest products industry with a diverse range of products, including newsprint, commercial printing papers, market pulp and wood products. Resolute owns or operates 18 pulp and paper mills and 23 wood product facilities in the United States, Canada and South Korea. Marketing its products in close to 90 countries, Resolute has third-party certified 100% of its managed woodlands to sustainable forest management standards. The shares of Resolute trade under the stock symbol ABH on both the New York Stock Exchange and the Toronto Stock Exchange.

Resolute and other member companies of the Forest Products Association of Canada, as well as a number of environmental organizations, are partners in the Canadian Boreal Forest Agreement. The group works to identify solutions to conservation issues that meet the goal of balancing equally the three pillars of sustainability linked to human activities: economic, social and environmental. Resolute is also a member of the World Wildlife Fund's Climate Savers program, in which businesses establish ambitious targets to voluntarily reduce greenhouse gas emissions and work aggressively toward achieving them. 

Published in Press Releases

AbitibiBowater Inc., doing business as Resolute Forest Products, has announced that it applied to the Bureau de décision et de révision (Québec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in Quebec, for an order to cease trade the proposed offer by Mercer International Inc.  to acquire all of the issued and outstanding common shares of Fibrek Inc. Fibrek and Mercer announced the offer on February 10.

In its application, Resolute requested that the Bureau exercise its public interest jurisdiction to cease trade the offer on the basis, among other things, that it includes an improperly discounted and dilutive private placement of warrants and an unreasonable break fee.  Resolute requested that the Bureau hear its application on an expedited basis, and will argue that these measures are unlawful and inappropriate defensive measures to Resolute's offer.  On February 9, the Bureau rendered an order to cease trade Fibrek's tactical poison pill effective as of 3:00 p.m. today.

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 Canadian Securities Administrators' website ("SEDAR"), as varied and extended. The offer will expire at 5:00 p.m. (Eastern Standard Time) on February 23, 2012, unless it is extended or withdrawn by Resolute. Resolute continues to work diligently with a view to obtaining all required approvals from the Canadian regulatory authorities.

Questions and requests for assistance or further information on how to tender Fibrek common shares to the offer should be directed to, and copies of the above referenced documents may be obtained by contacting, Georgeson at 1-866-598-0048 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it..

Published in Canadian News

AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute"), has announced that the Bureau de décision et de révision (Québec) has ordered that all rights and securities issued or issuable under the shareholder rights plan (the "Rights Plan") of Fibrek Inc.("Fibrek") be cease traded effective as of 3:00 p.m. (Eastern Standard Time) on February 13, 2012.

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 Canadian Securities Administrators' website ("SEDAR"), as varied and extended. The offer will expire at 5:00 p.m. (Eastern Standard Time) on February 13, 2012, unless it is extended or withdrawn by Resolute. Resolute continues to work diligently with a view to obtaining all required approvals from the Canadian regulatory authorities.

Published in Canadian News

Resolute Forest Products has unveiled its Align™ family of high brightness, environmentally responsible papers that can be used as alternatives to chemical pulp coated and uncoated freesheet in most commercial printing applications.

res align

"Resolute Forest Products' Align Papers Logo (CNW Group/RESOLUTE FOREST PRODUCTS)"

Typical freesheet papers are designed for brightness and use more trees and chemicals than are needed for most print applications. Align papers are made with up to 50% less wood fiber and have a smaller environmental footprint than traditional offset papers, including some containing recycled content. By delivering higher opacity and bulk at a lower basis weight than traditional freesheet, Align also helps reduce paper, postage and transportation costs.

"For several years, Resolute has seen growing demand for high-quality, eco-conscious papers that can reduce print costs," said Richard Garneau, President and Chief Executive Officer. "With our Align papers, customers can reduce fiber consumption and save money without sacrificing quality in their printed products. Align makes sense for their budgets and the environment."

Align papers deliver three key advantages over freesheet paper:

Environmentally Responsible: Because Align grades use significantly less wood than freesheet, fewer trees are required for their production. Furthermore, when one compares the overall product life cycle, Align grades have less environmental impact than traditional offset papers. For instance, the comparative life cycle assessment commissioned by Resolute found that Align grades have a carbon footprint that is from 35% to 85% smaller than the average freesheet grade. For more details, visit resolutefp.com/LCA. Align helps customers make the right decision for the environment.

Budget Friendly: Thanks to its higher bulk and opacity at a lower basis weight, customers get all the printability they expect, but at a lower cost. Based on their needs, they can either pay less for paper, pay less for postage, or print and mail more at the same cost.

High Opacity and Bulk: Traditional offset papers are designed to deliver both brightness and longevity - but at a premium price. With Align, value-conscious customers can choose from a range of bright, opaque, high-bulk papers that are designed to meet their specific needs.

Align papers also help Resolute deliver on one of the commitments the Company made in joining the World Wildlife Fund (WWF) global Climate Savers program.

"When Resolute joined Climate Savers, it agreed to achieve a 65% reduction in greenhouse gas emissions from company operations by 2015, compared to 2000 levels," said Gerald Butts, President and Chief Executive Officer of WWF. "To support this effort, Resolute committed to market and sell products that would help its customers reduce their emissions."

To learn more about Resolute's Align papers or to order samples, please visit alignpaper.com

Published in Canadian News

AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), has announced that it extended to February 13 the expiry date for its offer to acquire all the issuedabiti122011 and outstanding common shares of Fibrek Inc. (Fibrek, TSX: FBK).  The extension is intended to allow the Canadian Competition Bureau to complete its review of the proposed acquisition following its request for supplementary information and the Bureau de révision et décision (Québec) to hear Resolute's application for an order to cease trade the Fibrek shareholder rights plan (the "tactical poison pill").

"A supplementary information request is a normal part of the regulatory process," said Richard Garneau, President and Chief Executive Officer.  "We will continue to work with the Canadian competition authority and provide it with the responsive information."  He added: "We're pleased to see that over 57% of Fibrek shares have been tendered as of today.  The success of our bid should be up to shareholders, unimpeded by management entrenchment maneuvers like the tactical poison pill."

Fibrek shareholders should consider the following factors in making their decision to accept the offer:

  • The offer represents a substantial premium to Fibrek's pre-announcement trading price;
  • The offer is not subject to any financing condition;
  • Fibrek shareholders have the opportunity to exchange their shares of Fibrek, which had been thinly traded through to the date the offer was announced;
  • Resolute is uniquely positioned to integrate Fibrek into its existing operations;
  • Fibrek shareholders who become Resolute shareholders will own shares in a company that:
  • is financially stronger;
  • has a diversified asset and product base;
  • is determined to continue improving the competitive position of its mills by focusing on cost optimization;
  • maintains a prudent capital structure, with a ratio of long-term debt to last twelve months adjusted EBITDA of 1.3x as of the end of the third quarter of 2011.

The offer, which Resolute is making together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation the Company filed on December 15, 2011, on the Canadian Securities Administrators' website ("SEDAR"), as amended by notice of variation on January 9 and on January 20.  The offer will expire at 5:00 p.m. (Eastern Standard Time) on February 13, 2012, unless it is extended or withdrawn by Resolute. As of the close of market on January 20, approximately 74.25 million common shares of Fibrek had been tendered to the offer, representing approximately 57.1% of the outstanding common shares.

The offer is subject to certain conditions including, among others, a 66⅔% minimum tender condition, waiver or termination of all rights under the shareholder rights plan, receipt of all regulatory, governmental and third-party approvals, consents and waivers, Fibrek not having implemented or approved any issuance of shares or other securities or any other transaction, acquisition, disposition, capital expenditure or distribution to its shareholders outside the ordinary course of business, and the absence of occurrence or existence of any material adverse effect or material adverse change.  Subject to applicable laws, Resolute reserves the right to withdraw or extend the offer and to not take up and pay for any Fibrek common shares deposited under the offer unless each of the conditions of the offer is satisfied or waived (at its sole discretion).  The offer is not subject to any financing condition.

Questions and requests for assistance or further information on how to tender Fibrek common shares to the offer should be directed to, and copies of the above referenced documents may be obtained by contacting, Georgeson at 1-866-598-0048 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.

Source: Resolute Forest Products


Published in Canadian News
Wednesday, 18 January 2012 16:00

Resolute Updates Status of its Offer for Fibrek

AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), has announced that it filed an application with the Bureau de révision et décision (Québec), the administrative tribunal with statutory jurisdiction in securities law and regulatory matters in the province, for an order to cease trade Fibrek Inc.'s (Fibrek, TSX: FBK) shareholder rights plan (the "tactical poison pill").

Resolute also announced that the U.S. Securities and Exchange Commission declared effective Resolute's registration statement relating to the proposed transaction on January 13, 2012, and that U.S. antitrust authorities granted early termination of the statutory waiting period under the U.S. Hart-Scott-Rodino Act with respect to the proposed transaction.

"The tactical poison pill has outlived its usefulness," said Richard Garneau, President and Chief Executive Officer.  "Since we announced our offer late in November, Fibrek has found time to adopt the tactical poison pill and enhance compensation packages for senior management, but has yet to provide its shareholders with a competitive alternative to our offer.  Shareholders must now be given the opportunity to decide for themselves whether or not to accept our offer."

Mr. Garneau continued: "Fibrek's repeated suggestions that we are somehow not following the letter and spirit of the law does not make it so. The fact is we have no knowledge of any material information regarding Fibrek that has not been disclosed to the public and there is no legal requirement for a formal valuation. Their decision to pursue such a valuation is nothing more than a diversion on behalf of Fibrek's management. The value of our offer is sufficiently compelling for three of Fibrek's largest shareholders, representing approximately 46% of the outstanding shares, to have agreed to irrevocable lock-up agreements, with no ability to tender their shares to a competing bid."

Fibrek shareholders should consider the following factors in making their decision to accept the offer:

  • The offer represents a substantial premium to Fibrek's pre-announcement trading price;
  • The offer is not subject to any financing condition;
  • Fibrek shareholders have the opportunity to exchange their shares of Fibrek, which had been thinly traded through to the date the offer was announced;
  • Resolute is uniquely positioned to integrate Fibrek into its existing operations;
  • Fibrek shareholders who become Resolute shareholders will own shares in a company that:
    • is financially stronger;
    • has a diversified asset and product base;
    • is determined to continue improving the competitive position of its mills by focusing on cost optimization;
    • maintains a prudent capital structure, with a ratio of long-term debt to last twelve months adjusted EBITDA of 1.3x as of the end of the third quarter of 2011.
The offer, which Resolute is making together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation the Company filed on December 15, 2011, on the Canadian Securities Administrators' website ("SEDAR"), as amended on January 9, 2012.  The offer will expire at 5:00 p.m. (Eastern Standard Time) on January 20, 2012, unless it is extended or withdrawn by Resolute.

The offer is subject to certain conditions including, among others, a 66⅔% minimum tender condition, waiver or termination of all rights under the shareholder rights plan, receipt of all regulatory, governmental and third-party approvals, consents and waivers, Fibrek not having implemented or approved any issuance of shares or other securities or any other transaction, acquisition, disposition, capital expenditure or distribution to its shareholders outside the ordinary course of business, and the absence of occurrence or existence of any material adverse effect or material adverse change.  Subject to applicable laws, Resolute reserves the right to withdraw or extend the offer and to not take up and pay for any Fibrek common shares deposited under the offer unless each of the conditions of the offer is satisfied or waived (at its sole discretion). The offer is not subject to any financing condition.

Questions and requests for assistance or further information on how to tender Fibrek common shares to the offer should be directed to, and copies of the above referenced documents may be obtained by contacting, Georgeson at 1-866-598-0048 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it..

Important Notice

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.  Resolute has filed with the SEC a registration statement on Form S-4, as amended, in connection with the proposed transaction with Fibrek.  INVESTORS AND SECURITY HOLDERS OF RESOLUTE AND FIBREK ARE URGED TO READ THESE DOCUMENTS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.  Such documents are available free of charge through the web site maintained by the SEC at www.sec.gov, by calling the SEC at telephone number 800-SEC-0330, on SEDAR at www.sedar.com or on Resolute's website at www.resolutefp.com.
Published in Canadian News
Wednesday, 18 January 2012 14:00

Resolute to Present at the CIBC 2012

AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), has announced that President and Chief Executive Officer Richard Garneau will participate in a panel discussion on transformation in the forest products industry during the CIBC 2012 Whistler Institutional Investor Conference in Whistler, British Columbia, on Wednesday, January 18, 2012, at 4:00 p.m. (Pacific), 7:00 p.m. (Eastern).

A live audio webcast of the presentation will be available at http://webcasts.welcome2theshow.com/whistler2012/forest. A replay of the presentation will be available for six months.

About Resolute Forest Products

Resolute is a global leader in the forest products industry with a diverse range of products, including newsprint, commercial printing papers, market pulp and wood products. Resolute owns or operates 18 pulp and paper mills and 23 wood product facilities in the United States, Canada and South Korea. Marketing its products in close to 90 countries, Resolute has third-party certified 100% of its managed woodlands to sustainable forest management standards. The shares of Resolute trade under the stock symbol ABH on both the New York Stock Exchange and the Toronto Stock Exchange.

Resolute and other member companies of the Forest Products Association of Canada, as well as a number of environmental organizations, are partners in the Canadian Boreal Forest Agreement. The group works to identify solutions to conservation issues that meet the goal of balancing equally the three pillars of sustainability linked to human activities: economic, social and environmental. Resolute is also a member of the World Wildlife Fund's Climate Savers program, in which businesses establish ambitious targets to voluntarily reduce greenhouse gas emissions and work aggressively toward achieving them.
Published in Canadian News
Wednesday, 11 January 2012 09:00

Resolute Reaffirms its Offer for Fibrek Inc.

AbitibiBowater Inc., doing business as Resolute Forest Products ("Resolute") (NYSE: ABH) (TSX: ABH), has announced that it would issue a notice of variation to the offer circular and other ancillary documentation in connection with its outstanding offer to acquire Fibrek Inc. (Fibrek, TSX: FBK). The notice of variation will describe certain changes to the offer documents, including the registration statement filed with the U.S. Securities and Exchange Commission ("SEC"), the sole purpose of which are to address comments from the SEC in its customary review process.  From the perspective of Fibrek's shareholders, the terms of the offer are substantially consistent with the original offer.

"We are committed to move forward and are addressing one of the regulatory steps in our offer to purchase Fibrek," said Richard Garneau, President and Chief Executive Officer. "We also acknowledge Fibrek's directors' circular filed on SEDAR on December 30. It does not change our firm belief that the offer we announced on November 28th presents Fibrek's shareholders with a compelling opportunity. The fact that three of their largest individual shareholders, representing approximately 46% of the outstanding shares, have agreed to tender their shares to our offer supports that belief."

Fibrek shareholders should consider the following factors in making their decision to accept the offer:

  • The offer represents a substantial premium to Fibrek's pre-announcement trading price;
  • The offer is not subject to any financing condition;
  • Fibrek shareholders have the opportunity to exchange their shares of Fibrek, which had been thinly traded through to the date the offer was announced;
  • Resolute is uniquely positioned to integrate Fibrek into its existing operations;
  • Fibrek shareholders who become Resolute shareholders will own shares in a company that:
    • is financially stronger;
    • has a diversified asset and product base;
    • is committed to continue improving its flexible, low-cost manufacturing position;
    • maintains a prudent capital structure, with a ratio of long-term debt to last twelve months adjusted EBITDA of 1.3x as of the end of the third quarter of 2011.

The offer, which Resolute is making together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation the Company filed on December 15, 2011, on the Canadian Securities Administrators' website ("SEDAR"), as amended on January 9, 2012.  The offer will expire at 5:00 p.m. (Eastern Standard Time) on January 20, 2012, unless it is extended or withdrawn by Resolute.

The offer is subject to certain conditions including, among others, a 66⅔% minimum tender condition, waiver or termination of all rights under the shareholder rights plan, receipt of all regulatory, governmental and third-party approvals, consents and waivers, Fibrek not having implemented or approved any issuance of shares or other securities or any other transaction, acquisition, disposition, capital expenditure or distribution to its shareholders outside the ordinary course of business, and the absence of occurrence or existence of any material adverse effect or material adverse change. Subject to applicable laws, Resolute reserves the right to withdraw or extend the offer and to not take up and pay for any Fibrek common shares deposited under the offer unless each of the conditions of the offer is satisfied or waived (at its sole discretion). The offer is not subject to any financing condition.

Questions and requests for assistance or further information on how to tender Fibrek common shares to the offer should be directed to, and copies of the above referenced documents may be obtained by contacting, Georgeson at 1-866-598-0048 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.

Published in Canadian News
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