Western Forest Products Tender with Odd-Lot provision

  • Company:  Western Forest Products, Inc.
  • Ticker:  TSE:WEF
  • Market Cap:  $641.23M
  • Size of Action:  $100M
  • Type of Transaction: Auction Tender
  • Current Price:  $1.37
  • Exchange Price:  $1.30-$1.50
  • Potential Gain (%):  -0.5%-9.5%
  • Expiration:  August 12, 2013
  • Tender Limit (Shares):  99
  • Max Investment ($):   $135.63
  • Max Gain ($):  $12.87
  • Sec Filing: http://www.westernforest.com/wp-content/uploads/2013/07/IssuerBidCircularEN.pdf
  • Summary:  Western Forest Products Inc. (“Western” or the “Company”) hereby offers (the “Offer”) to purchase fromholders (“Shareholders”) of common shares and non-voting sharesofWest(collectively, the “Shares”) up to anaggregate of $100 million in value of the Shares pursuant to (i) auction tenders at prices specified by thedepositingShareholders of notless than $1.30 and not more than $1.50 per Share (“Auction Tenders”), as specified by suchShareholder, or (ii) purchase price tenders without specifying a price (“Purchase Price Tenders”), in either caseupon the terms and subject to the conditions set forth in this offer to purchase (this “Offer to Purchase”) andCircular (the “Circular” and together with this Offer to Purchase, the “Offer and Circular”) and in theaccompanying letter of transmittal (the “Letter of Transmittal”) and (if applicable) notice of guaranteed delivery(the “Notice of Guaranteed Delivery”).
  • Odd Lots:If you beneficially own in the aggregate fewer than 100 Shares as of the close of business on August 12, 2013 (or the date of expiry of the Offer if the expiry time of the Offer is extended) and you validly deposit all suchShares pursuant to an Auction Tender at a price equal to or less than the Purchase Price or pursuant to a Purchase Price Tender, we will purchase all of your Shares without pro-ration (butotherwise subject to the terms and conditions of the Offer). If you own an “odd lot” of Shares, you must check (or tick) the “Odd Lots” box in either the Letter of Transmittal or the Notice of Guaranteed Delivery. See Section 3 of the Offer to Purchase, “Number of Shares and Pro-ration”.
  • Notes:  Dutch Auction, need to specify price you are willing to get bought out at. If your price is above the price they decide on, your shares will not be bought out.
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