Third Avenue Management succeeds in bid for additional shares of Catalyst Paper

Torys acted as counsel to Third Avenue Management with a team in Toronto of Philip Symmonds, Jim Turner, John Emanoilidis, Terra Rebick and Andrea Unikowsky (corporate and securities), Corrado Cardarelli, Jim Welkoff and Richard Johnson (tax), Philip Mohtadi (Investment Canada), Jay Holsten (competition) and Blair Keefe and Sunny Sodhi (Bank Act). Torys' New York team included Joris Hogan, Andy Beck, Gavin Sinclair, Michael Arnot and Mark Irving (corporate/securities).

On October 23, 2006, Third Avenue Management LLC (TAM) successfully completed its C$128.7 million all-cash offer to acquire approximately 18 percent of the common shares of Catalyst Paper Corporation, a Vancouver-based pulp and paper producer. As a result of the bid, TAM will exercise control or direction over approximately 38 percent of the outstanding Catalyst Paper common shares, as portfolio manager.