Canada's Paper Excellence to buy Resolute Forest Products in $2.7 bln deal

A winder crewman inspects the Jumbo roll as it prepares to unwind the newspaper into rolls at Resolute Forest Products in Gatineau, Quebec. REUTERS/Christinne Muschi

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Canada's Paper Excellence, through its U.S. unit Domtar, agreed to buy Resolute Forest Products Inc on Wednesday in a deal valued at about $2.7 billion, sending the U.S.-listed shares of Resolute up by 65% before the bell.

Paper Excellence will pay $20.5 per Resolute share, representing a premium of about 64% to the company's closing price on Tuesday.

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Source: Reuters

 

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