Eight parties made binding offers for Terrace Bay Pulp
Four additional applicants turned down for being past deadline
Posted: Aug 2, 2012 3:40 PM ET
Last Updated: Aug 2, 2012 3:16 PM ET
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.
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