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Norbord operating as West Fraser after deal closes

12.02.2021 − 

West Fraser Timber put the finishing touches to a deal struck in mid-November to acquire all shares in Norbord on 1 February after receiving all necessary approvals. The takeover took the form of a share swap, in which each share in Norbord was converted into 0.675 shares in West Fraser. This transfer also resulted in West Fraser’s ticker symbol on the Toronto Stock Exchange (TSX) changing from WFT to WFG. New shares in West Fraser have also been traded on the New York Stock Exchange (NYSE) under the same ticker symbol since the start of February. Trading in shares in Norbord has ended, and the company was delisted at the close of trading on 1 February. The price of new West Fraser shares soared on the first day of trading after completion of the Norbord acquisition. The price peaked at CAD88.46, 8.0% above the closing price for WFT shares on 29 January. WFG’s share price evened out a little at over CAD84 on 2 February.

Upon closing, Norbord’s old activities were integrated into West Fraser’s new Engineered Wood division, which included West Fraser’s two Canadian MDF mills. The Norbord name will vanish, with the old Norbord entities and sites operating as West Fraser in the future. The different national subsidiaries’ websites have already been changed to West Fraser. Existing product names, such as the Sterling OSB, CaberFloor, CaberFix and CaberWood MDF brands used by Norbord Europe, will be retained.

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