Eight parties made binding offers for Terrace Bay Pulp
Four additional applicants turned down for being past deadline
CBC News
Posted: Aug 2, 2012 3:40 PM ET
Last Updated: Aug 2, 2012 3:16 PM ET
Related
Terrace Bay Pulp had a lot of suitors.
Newly-released documents show the people in charge of the company's affairs received multiple offers for the mill.
A judge's written reasons for approving the sale of Terrace Bay Pulp to an India-based firm show there was substantial interest in the mill.
A total of 13 companies made initial inquiries. By the March deadline, eight had made binding offers. Another four parties showed interest after the deadline.
One of those was a Chinese company, which offered to pay $35 million — $8 million more than the offer from Aditya Burla, which went through last month.
The Chinese firm said it was not aware of the opportunity to buy the mill before the deadline. But the court was not impressed.
It rejected the offer on the grounds it was so late. The judge also ruled the mill had been sufficiently marketed around the world.
The documents show Aditya Birla was ready to walk away if there was any change in the sale process.
Share Tools
Latest Thunder Bay News Headlines
- Thunder Bay firm set to 'take orders' from aerospace industry
- A small Thunder Bay company is looking to make a big mark in the aerospace industry, thanks to some help from the Northern Ontario Heritage Fund Corporation. more »
- Transport Canada orders 8 Ontario wind turbines removed
- Transport Canada has ordered the removal of eight wind turbines near the Chatham-Kent Municipal Airport in southwestern Ontario because they exceed height restrictions for the area and could pose a risk to pilots. more »
- Thunder Bay developer to rework apartment plans
- A Thunder Bay developer wants to build new apartments on a north-side property — against the wishes of a group of nearby residents. more »
- Former McGuinty staffer grilled about gas plants
- A former top aide to ex-premier Dalton McGuinty fended off allegations today that senior Liberal staffers were directed to delete emails about two cancelled Toronto-area power plants as part of a cost coverup. more »
Must Watch
Top News Headlines
- Most groups don't want return of Trudeau speaking fees
- Most of the 17 charitable and other organizations that have paid speaking fees to Liberal Leader Justin Trudeau during his time as an MP say they aren't interested in having their fees returned, despite Trudeau's offer on the weekend to reimburse any organization unhappy with his services. more »
- Are e-cigarettes safe to puff?
- As electronic or e-cigarettes grow in popularity, some health advocates want them to be regulated. more »
- Canada to send peacekeeping troops to Haiti
- A handful of Canadian troops are about to take part in peacekeeping operation in Haiti, under the command of Brazilian forces, in a long-delayed mission that has been kept inexplicably low on the political radar. more »
- Google asks secret court to lift gag on surveillance
- Google is asking the secretive Foreign Intelligence Surveillance Court to lift its long-standing gag order on how often the company is asked to turn over data about its customers to the U.S. government. more »