Norbord and Ainsworth merge to create global OSB leader

Torys acted as counsel to Norbord with a team led by Michael Siltala and which included Jennifer Lennon, Adrienne DiPaolo, Will Hooper, David Forrester and Blake Pronk (Canadian M&A), Mile Kurta and Erin Wiley (U.S. M&A), Tom Zverina (financing), Andrew Gray (litigation), Susan Nickerson, Lynne Lacoursière and Brad Tartick (pensions and employment), Corrado Cardarelli and Catrina Card (Canadian tax), James Guadiana and David Mattingly (U.S. tax).

On December 8, 2014, Norbord Inc. (Norbord) and Ainsworth Lumber Co. Ltd. (Ainsworth) announced that they signed a definitive agreement to merge, creating a leading global wood products company focused on oriented strand board (OSB) across North America, Europe and Asia.

Under the terms of the arrangement agreement, negotiated by Independent Committees of the Boards of both Norbord and Ainsworth, Norbord agreed to acquire all of the outstanding common shares of Ainsworth in an all-share transaction in which Ainsworth shareholders would receive 0.1321 of a Norbord share for each Ainsworth share pursuant to a plan of arrangement under the British Columbia Business Corporations Act.

On March 31, 2015, upon the completion of the transaction, Ainsworth became a wholly-owned subsidiary of Norbord.

Norbord is a leading global manufacturer of wood-based panels and the world's largest producer of oriented strand board (OSB). In addition to OSB, Norbord manufactures particleboard, medium density fibreboard and related value-added products. Norbord has assets of more than US$1.8 billion and employs approximately 2,600 people at 17 plant locations in the United States, Canada and Europe.

Further information can be found on Norbord's website and on theglobeandmail.com.