Brookfield Asset Management to buy Longview Fibre for $1.63bn

02/06/07 - newratings.com

NEW YORK, February 6 (newratings.com) – Canadian asset management company Brookfield Asset Management Inc Monday announced that it had reached an agreed to purchase Longview Fibre Co (LFB) in a $1.63 billion deal.

Brookfield Asset Management has also agreed to $518 million in debt assumption. The $24.75 per share offer from the Canadian asset manager represents an 18% premium over Longview Fibre’s closing share price on Friday. The deal includes the acquisition of 588,000 acres of timberland in Washington and Oregon, a large pulp-and-paper complex and 15 corrugated container plants in a dozen states, Brookfield Asset Management stated. The deal, subject to regulatory and shareholder approvals, is expected to be completed in the second quarter of this year.