Scott Paper purchased 12 million of its own shares.
The forest products company said it bought the shares from Brascan Ltd. of Toronto. The shares represented 24.9% of Scott’s outstanding stock. Scott will pay $20 a share in cash plus a $25-per-share principal amount variable-rate note with a five-year term. Brascan will also receive seven-year warrants to purchase 4 million Scott common shares at $45 each.