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Did not receive any proposals regarding the takeover- West Fraser

Did not receive any proposals regarding the takeover- West Fraser

Posted on July 21, 2022   |  

  • West Fraser Timber Co. did not receive a proposal regarding a takeover bid and denied the partnership with a wood-products firm to make a bid for the Canadian lumber company.
  • The stock saw an increase of 10.9% to C$119.67 in Toronto after growing by 24.4% earlier in the session after the company's statement.
  • The takeover rumor is due to the decline in lumber prices compared to all-time highs of 2021 and higher interest rates that declined new home sales and lumber futures have tumbled 43% this year.