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DBRS: TimberWest under developing review
DBRS said it placed the issuer rating of TimberWest Forest Corp. under review with developing implications.
The review follows news that the company has entered into a definitive agreement under which two leading Canadian pension funds, British Columbia Investment Management Corp. and the Public Sector Pension Investment Board, have agreed to acquire it for $1.03 billion in cash, including assumed debt.
As part of the agreement, TimberWest has a 60-day period during which it is permitted to solicit a superior proposal, DBRS said.
As a result, the rating has been placed under review until there is more clarity on future ownership, the agency said.
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