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NEWS RELEASE
For immediate release: October
6, 2004
Tolko Industries announces extension
of bid for Riverside Forest Products
Vernon, BC – Tolko Industries Ltd. (Tolko) announced
today that it has extended the expiry of its August 31, 2004 offer
to acquire all of the outstanding common shares of Riverside Forest
Products Limited (Riverside) from 9:00 pm (Vancouver time) on October
6, 2004 to 9:00 pm (Vancouver time) on October 22, 2004. No other
conditions of the bid have been varied at this time.
“Tolko is extending its bid in order to further
evaluate its options, especially in light of the unprecedented new
tactical poison pill adopted by Riverside’s Board to replace
the original shareholders’ rights plan that was declared to
be of “no force or effect” by the BC Court of Appeal
earlier today,” said Trevor Jähnig, Tolko’s Vice-President
of Finance & CFO.
“In addition, we and the other shareholders
of Riverside do not yet know the material terms of any deal protection
arrangements, including the break fee arrangement with Interfor
and the terms of the lock-up agreements with Riverside’s management,”
said Jähnig. “We also would like to see Interfor’s
Circular which they say is being mailed the week of October 18,
2004.”
About Tolko Industries Ltd.
Founded in 1961, Tolko is a privately owned forest
products company employing over 2,400 people. Tolko has ten manufacturing
divisions in British Columbia, Alberta, Saskatchewan and Manitoba,
and produces dimension lumber, specialty kraft paper, plywood, oriented
strand board, wood chips and engineered wood products which are
sold to world markets. Tolko has been a shareholder of Riverside
since 2000.
Tolko is amalgamated under the Canada Business Corporations
Act. Its head office is located at 3203-30th Avenue, Vernon, British
Columbia, (PO Box 39) V1T 2C6. Tolko’s telephone number is
250-545-4411 and website is www.tolko.com.
For more information:
Sheila Catlin
Manager, Communications & Public Relations
250-545-4411
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