Moody's Riverside Forest developing

Moody's Investors Service said it affirmed Riverside Forest Products Ltd.'s B2 senior unsecured rating and changed the outlook to developing.

Moody's said the rating action follows the announcement that Riverside has signed a definitive agreement with International Forest Products Ltd. (Interfor) pursuant to which Interfor will make an offer to acquire up to 100%, but a minimum of 51%, of Riverside.

The change in outlook to developing reflects the fluidity of the current situation, according to Moody's. While not less than 28% of Riverside shareholders have committed their shares to the offer and the boards of both companies have approved the transaction, the current offer may not succeed, or other bidders may emerge, in which case the current offer may be altered.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.