Fibrek said the unsolicited bid from AbitibiBowater, which is rebranding under the name Resolute Forest Products, is timed to take advantage of turmoil on the equity markets and low pulp prices.
Canada's kraft pulp producer Fibrek Inc. said it has received proposals from third parties related to its strategic alternative process and the board is evaluating the proposals.
The company also rejected the insider bid by AbitibiBowater Inc. , which was made in November and valued Fibrek at $71.5-million.
Fibrek said a formal valuation of its common shares by Canaccord Genuity has arrived at a fair value of between $1.25 and $1.45 per share.
In November, Fibrek had initiated strategic alternatives following the AbitibiBowater bid.
Fibrek's shares closed at $1.03 on Friday on the Toronto stock Exchange.