Exclusive-CVC, Kronospan in joint bid for West Fraser Timber-sources By Reuters

© Reuters. Finished lumber is seen at West Fraser Pacific Inland Resources sawmill in Smithers, British Columbia, Canada February 4, 2020. REUTERS/Jesse Winter

(Reuters) – Private equity firm CVC Capital and wood panel manufacturer Kronospan have submitted a joint expression of interest to acquire Canadian lumber company West Fraser Timber Co (NYSE:), people familiar with the matter said on Tuesday.

CVC and Kronospan have informed West Fraser’s management that they would like to proceed with deal negotiations, the sources said. The acquisition terms they proposed could not be learned.

There is no certainty that the parties will agree to any deal, the sources added, asking not to be identified because the matter is confidential.

CVC declined to comment while West Fraser and Kronospan did not immediately respond to requests for comment.