On June 30, 2004, Nexfor Inc. transferred its specialty paper and timberland businesses to Fraser Papers Inc. and distributed the shares of Fraser Papers to its common shareholders. On that date, Fraser Papers became a publicly traded TSX-listed company with a market capitalization in excess of $500 million. The deal amount is in excess of $2 billion. The distribution was completed through a plan of arrangement which received shareholder approval on June 22 and court approval on June 28. As part of the transaction, Nexfor, with a remaining market capitalization in excess of $1.5 billion, was renamed Norbord Inc. and will continue to operate its panelboard business.
Nexfor was represented by McCarthy Tétrault, with team that included Daryl McLean, Frank DeLuca, Arthur Einav and Carmen Coccimiglio (corporate/securities), Jerald Wortsman and Gwen Watson (tax), Andrew Parker (US corporate), James Warnock (commodity tax), Gina Papageorgiou (litigation), Greg Winfield (pensions), John Sullivan (real estate) and Andrée-Claude Bérubé (environmental).