Private equity firm Kelso & Co. is making a takeover bid to acquire Eacom Timber Corp. (TSXV: ETR) for C$182.7 million (U.S. $178.5 million).
The purchase price works out to $0.37 per share.The stock closed at $0.37 on March 22, before the deal was announced, but traded as low as $0.20 in February.
Eacom, headquartered in Montreal, manufactures, markets and distributes lumber, wood chips and wood-based products. The company also manages forest resources. Eacom has eight sawmills in eastern Canada.
Kelso & Co., based in New York, was formed in 1980 and has invested in more than 115 companies. Its portfolio companies include Delphin Shipping LLC, Power Holdings and Logan’s Roadhouse Inc.
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