West Fraser says no proposal from Kronospan, CVC Capital

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West Fraser says no proposal from Kronospan, CVC Capital

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.