PORTLAND, Ore. -- Holders of More Than 55% of Shares Provide Agent Designations to Call Meeting to Consider Proposals Advanced by Obsidian and Campbell
Obsidian Finance Group, LLC, a private equity firm and The Campbell Group, LLC, a timber investment management company today announced that they are very encouraged by the positive response to their solicitation, having received GOLD agent designations from holders of more than 55% of the shares of Longview Fibre Company (NYSE: LFB) as of 1:00 p.m. ET today.
Obsidian Finance Group, LLC, a private equity firm and The Campbell Group, LLC, a timber investment management company today announced that they are very encouraged by the positive response to their solicitation, having received GOLD agent designations from holders of more than 55% of the shares of Longview Fibre Company (NYSE: LFB) as of 1:00 p.m. ET today.
Obsidian and Campbell solicited the agent designations for the purpose of calling a special meeting at which Longview Fibre shareholders could communicate their interest in having Longview's Board of Directors engage in discussions regarding the Obsidian/Campbell proposal to acquire the company in an all-cash merger and in declassifying the Board of Directors.
Longview Fibre had previously scheduled a special meeting for September 12, 2006 in response to Obsidian and Campbell's filing of a definitive solicitation statement with the Securities and Exchange Commission in connection with their solicitation of agent designations.
The agent designations received by Obsidian and Campbell are being sent to Longview Fibre today, along with a formal demand for the special meeting that indicates the September 12 meeting date would be acceptable.
Obsidian Senior Principal David Brown commented: "We want to express our appreciation to the many shareholders who took the time to complete and return the agent designation cards to call the special meeting. We believe these shareholders are sending a clear message to the Longview Fibre Board. We are very pleased with such tremendous support, especially after the company announced that it had already set a date for a special meeting - a move which could have made shareholders less interested in completing the agent designation cards."
On June 28, 2006, Obsidian and Campbell submitted a new proposal to the Board of Directors of Longview Fibre which increased their all-cash proposal to acquire the Company to $20.51 per share, assuming that the shares to be issued by the company in the upcoming special distribution announced are issued at a value of not less than $20.51. The increased proposal equates to a pre-distribution price of $28.05 per share.
Brown continued, "We know that many shareholders have contacted the company and we want to encourage Longview Fibre's Board of Directors to hear their shareholders' requests and meet with us to discuss our proposal. Thus far, the company has not responded directly to our increased offer. We encourage the Board to meet with us to discuss our proposal and allow diligence in advance of the September 12 meeting."
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bRelated Links and SEC Information..
http://www.sec.gov/Archives/edgar/data/60302/000090342306000841/obsidian-dfan14a_0707.htmb
http://www.sec.gov/Archives/edgar/data/60302/000090342306000841/obsidian-ex1_0707.htm
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http://www.sec.gov/Archives/edgar/data/60302/000090342306000841/0000903423-06-000841.txt
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