West Fraser Timber (NYSE:WFG) +20.1% pre-market on Tuesday following a Reuters report that P-E firm CVC Capital and wood panel manufacturer Kronospan submitted a joint expression of interest to acquire the Canadian lumber company.
CVC and Kronospan have told West Fraser (WFG) management that they would like to proceed with deal negotiations, according to the report, which did not describe the proposed acquisition terms.
With higher interest rates and soaring home prices beginning to take a toll on home sales, lumber futures recently fell to their lowest since September.