Exhibit 99.1
For Immediate Release:
Resolute, Paper Excellence Merger Receives Canadian Competition Bureau Approval
(All financial information is in U.S. Dollars)
Richmond, British Columbia, and Montreal, Quebec – December 28, 2022 – The Paper Excellence Group (the “Group”), through its wholly-owned subsidiary Domtar Corporation (“Domtar”), a global diversified manufacturer of pulp and specialty, printing, writing, and packaging papers, and Resolute Forest Products Inc. (“Resolute”) (NYSE: RFP) (TSX: RFP), a global forest products company, jointly announced that the Canadian Commissioner of Competition has entered into a consent agreement regarding the parties’ business combination. Once the combination has been finalized, Domtar will acquire all of the outstanding common shares of Resolute stock for $20.50 per share and one contingent value right tied to potential duty deposit refunds of up to $500 million.
The consent agreement filed by the Canadian Commissioner of Competition with the Competition Tribunal today completes one of the remaining conditions to the closing of the transaction.
The transaction remains on course to close in the first half of 2023, subject to the satisfaction or waiver of the other conditions to the closing of the merger.
Cautionary Statements Regarding Forward-Looking Statements
Statements in this document that are not reported financial results or other historical information of Resolute are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, for example, statements included in this document relating to the proposed transaction between Resolute and Domtar; the prospective performance and outlook of Resolute’s business, performance and opportunities; the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction; as well as any assumptions underlying any of the foregoing. Forward-looking statements may be identified by the use of forward-looking terminology such as the words “should,” “would,” “could,” “will,” “may,” “expect,” “believe,” “see,” “intends,” “continue” and other terms with similar meaning indicating possible future events or potential impact on Resolute’s business or its stockholders. The reader is cautioned not to place undue reliance on these forward-looking statements, which are not guarantees of future performance. These statements are based on management’s current assumptions, beliefs, and expectations, all of which involve a number of business risks and uncertainties that could cause actual results to differ materially. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: uncertainties as to the timing of the proposed transaction; the risk that the proposed transaction may not be completed in a timely manner or at all; the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived,
