Overwhelming 95% in favour of the $1 billion friendly offer.
Oaktree Capital and Restructuring Capital now onboard for $4.75 per share.
Two largest shareholders oppose the deal; looking for a higher offer price.
Merged company will keep Canadian headquarters in Montreal.
Proposed takeover requires approvals from courts, regulators and shareholders, and is expected to close in the second half of 2017.
But situation could change in Quebec if prices fall during the end to the home construction season.
A $136 million capital investment in Temiscaming specialty cellulose plant qualifies it for about 40%.
Closing begins Feb. 8, 148 jobs affected by weakness in softwood, high costs.
Deal with 650 unionized workers expires in Sept. 2018.
A four-year collective agreement expired on Sept. 30.
Serves as a strike mandate if employer remains ‘intransigent’: Unfor.
International Wood Markets survey says overall global softwood production grew by only 2%.
Paper Excellence will restart the operation, shut down since September 2012.
Fortress, Tembec and two other Canadian producers are currently paying a 13% levy to supply China.
The company expects cogeneration project to improve annual adjusted EBITDA by $48 million.