Fibrek Inc FBKZF

ABH - Steelhead Globe and Mail

[p.yu]

Now that ABH has 46.8% of Fibrek they will no doubt be working / colluding with Steelhead to take control of the board. It appears as though the BDR will let this drag on until ABH get control and force everyone out a $1. The BDR has had more than 2 weeks to rule on this abuse and they remain silent, prefering to wait until ABH gets its way.

Good thing our fearless OSC stepped up to pass the buck over to the BDR. They have failed to protect Ontario shareholders and they continue to play second fiddle to the BDR.

Finally, the Globe and Mail wakes up and starts to cover the story. Here is a good article on how the boards mandate is now contrary to Securities Legislation.

https://www.theglobeandmail.com/report-on-business/top-court-asked-to-rule-on-fibrek-takeover/article2404229/

[rationalexuberance]

i thought today's new release was interesting; rather than a prolonged court battle, FBK is willing to consider a better offer from abitibi i'm sure the lawyers think they can sew up this deal without fbk's cooperation, but it's better to get everyone on board with a sweetened offer; nobody loses face and this would include the sham regulators 

[p.yu]

What are you referring to? FBK is willing to consider a better offer from Abitibi?  

[rationalexuberance]

Exactly.  FBK is inviting Abitibi to submit a new offer before its AGM in June.   The board will continue to fulfill its fiduciary duty to act in the best interest of Fibrek at all times. As such, Fibrek has announced it will be holding its next annual meeting of shareholders on June 21, 2012. As a Fibrek shareholder, Abitibi is entitled to submit proposals to be brought before the

[Rocks123]

What they are saying is now that ABH has 46.8%, they know they will want to replace the board of Fibrek and they will do this with the help of Steelhead who have 5%. With 51% of the vote, they can elect a slate of directors who will in turn fire the Fibrek management who fought them. They told them to bring it up at the AGM, not anytime sooner.   If the courts and the BDR do not intervene