Pacifica shareholders OK Norske Canada Merger

The approval of C$960 million buyout plan with Norske Skog Canada Ltd. by Pacifica Papers shareholders and option holders with a 73.6% voting margin is reported. Norske Canada's two alternatives for Pacifica shareholders include: taking 2.1 of Norske Canada shares for each Pacifica share or C$7.50 in cash plus one Norske share. The deal including about C$600 million in debt, would make Norske Canada North America's third largest newsprint producer. Cerberus, owning 18.8% of Pacifica sued in B.C. Supreme Court to block the takeover.