Resolute Forest Products Announces Commencement of Formal Take-Over Bid for Fibrek

AbitibiBowater Inc., doing business as Resolute Forest Products ABH announced today that it has formally commenced its offer to purchase all the issued and outstanding common shares of Fibrek Inc.. The Offer, which Resolute is making together with RFP Acquisition Inc., a wholly-owned subsidiary, is more fully described in the offer circular and other ancillary documentation the Company is filing today on the Canadian Securities Administrators' website. As disclosed on November 28, 2011, holders of common shares of Fibrek will have the opportunity to elect to receive, for each share: (i) Cash and Share Option: C$0.55 in cash and 0.0284 of a Resolute share; or (ii) Cash Only Option: C$1.00 in cash (subject to proration, as described in the Offer Documents); or (iii) Share Only Option: 0.0632 of a Resolute share (subject to proration, as described in the Offer Documents). Based on Fibrek's most recent publicly disclosed number of 130,075,556 issued and outstanding Fibrek common shares, the maximum amount of cash consideration available under the Offer is C$71,541,556 and the maximum number of shares of Resolute common stock available to be issued under the Offer is 3,694,146.