Ainsworth and LP Enter Into Timing Agreements With the Competition Bureau and Department of Justice

VANCOUVER, BC – Ainsworth Lumber Co. Ltd. (TSX: ANS) (“Ainsworth”) and Louisiana-Pacific Corporation (NYSE: LPX) (“LP”) announced today that as a result of continued discussions, they have amended the previously announced timing agreements with each of the Canadian Competition Bureau (the “CCB”) and the Antitrust Division of the U.S. Department of Justice (the “DOJ”). Ainsworth and LP have agreed pursuant to the amendment that they will provide the CCB and the DOJ with 14 days written notice before closing LP’s acquisition of Ainsworth, unless the CCB and the DOJ confirm in writing that closing may proceed within a shorter period. The previously announced timing agreements involved Ainsworth and LP agreeing not to close LP’s acquisition of Ainsworth before March 13, 2014. All other provisions of the timing agreements remain in effect. Both Ainsworth and LP continue to work with the CCB and the DOJ as they conduct their reviews.

The closing of the previously announced plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia) involving the proposed acquisition by LP of all the outstanding common shares of Ainsworth remains subject to a number of conditions, including the expiration or termination of the waiting period under the HSR Act and the receipt of other regulatory approvals and clearances including under the Canadian Competition Act. Subject to obtaining required regulatory approvals and clearances and the satisfaction or waiver of other closing conditions, it is now anticipated that the Arrangement will be completed during the second quarter of 2014.

Further information about the Arrangement is set out in Ainsworth’s management proxy circular dated September 24, 2013, which is available under Ainsworth’s profile on www.sedar.com and under LP’s profile at www.sec.gov.

Cautionary Statement Regarding Forward-Looking Information

Forward-looking information provided in this news release relating to Ainsworth’s and LP’s expectations regarding the completion of the Arrangement and Ainsworth’s and LP’s future prospects and financial position are forward-looking information pursuant to National Instrument 51-102 promulgated by the Canadian Securities Administrators and the Private Securities Litigation Reform Act of 1995. Ainsworth and LP believe that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on Ainsworth’s and LP’s beliefs and assumptions based on information available at the time the assumptions were made and on their managements’ experience and perceptions of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information (including the satisfaction of closing conditions for the Arrangement) and actual results may vary. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking information include, without limitation, factors detailed from time to time in Ainsworth’s or LP’s periodic reports filed with the Canadian Securities Administrators, the U.S. Securities and Exchange Commission or other regulatory authorities. The forward-looking information is made as of the date of this news release and neither Ainsworth nor LP assumes any obligation to update or revise them to reflect new events or circumstances, except as explicitly required by applicable securities laws.

 

About Ainsworth - Ainsworth Lumber Co. Ltd. is a leading manufacturer and marketer of oriented strand board (“OSB”) with a focus on value-added specialty products for markets in North America and Asia. Ainsworth’s four OSB manufacturing facilities, located in Alberta, British Columbia and Ontario, have a combined annual capacity of 2.5 billion square feet (3/8-inch basis). Ainsworth is a publicly traded company listed on the Toronto Stock Exchange under the symbol ANS. For more information, visit www.ainsworthengineered.com. The website at www.ainsworthengineered.com (the “Ainsworth Website”) is operated by Ainsworth, and LP disclaims any responsibility for the accuracy or completeness of any information contained on the Ainsworth Website or on any website linked to the Ainsworth Website. The website at www.lpcorp.com (the “LP Website”) is operated by LP, and Ainsworth disclaims any responsibility for the accuracy or completeness of any information contained on the LP Website or on any website linked to the LP Website.

About LP Building Solutions - As a leader in high-performance building solutions, Louisiana-Pacific Corporation (LP Building Solutions, NYSE: LPX) manufactures engineered wood building products that meet the demands of builders worldwide. Its extensive offerings include innovative and dependable building products and accessories, such as LP^® SmartSide^® Trim & Siding, LP Structural Solutions portfolio (LP WeatherLogic^® Air & Water Barrier, LP Legacy^® Premium Sub-Flooring, LP^® TechShield^® Radiant Barrier, LP^® FlameBlock^® Fire-Rated Sheathing and more), oriented strand board (OSB), LP^® TopNotch^® Sub-Flooring, LP^® Outdoor Building Solutions^®, and LP Elements^® Performance Fencing. In addition to product solutions, LP provides industry-leading service and warranties. Since its founding in 1972, LP has been Building a Better World^™ by helping customers construct beautiful, durable homes. Headquartered in Nashville, Tennessee, LP operates 26 plants across the U.S., Canada, Chile and Brazil. For more information, visit LPCorp.com.