International Forest Products Ltd (Interfor) has shelved its $310m bid to buy the key assets of Doman Industries Ltd.
Interfor president Duncan Davis said his company had been unable to reach an agreement on a transacation that met its financial criteria and was acceptable to Doman’s creditors.
Doman has been under bankruptcy protection for nearly 18 months and its creditors have their own restructuring proposal for the company which would include dividing the company into separate lumber and pulp businesses.
Interfor meanwhile has said it intends to look for expansion opportunities in the consolidating forest products sector.
