Longview Fibre shareholders approve acquisition by Brookfield Asset Management

By Lisa Kerner

Charlotte, N.C., April 19 - Longview Fibre Co. shareholders approved the Feb. 2 agreement and plan of merger between Longview, Brookfield Asset Management, Inc. and its subsidiary Horizon Acquisition Co. The merger is expected to close shortly, according to a company news release.

Brookfield will acquire all the outstanding shares of Longview for $24.75 per share in cash in a transaction valued at $2.15 billion, including assumed debt.

The acquisition will be funded through $1.35 billion of debt financing secured by the existing assets of Longview, Brookfield said. The company had reported holding some 3 million shares, or 4.6%, of Longview's outstanding shares.

Brookfield plans to operate the specialty paper and packaging business under the Longview Fibre name.

Longview is a Longview, Wash.-based real estate investment trust engaged in the ownership of timberlands and the manufacture of kraft paper and paperboard.

Brookfield is a publicly owned asset management holding company located in Calgary, Alta.

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