Lumber giant Canfor has terminated an agreement between the company and Jim Pattison’s Great Pacific Capital Corporation, to go private.

As a result, Canfor shares fell more than 20 per cent this morning after Great Pacific failed to win the approval of the company’s minority shareholders

The company said the offer of $16 per share by the Jim Pattison Group had the support of just 45 per cent of the minority shareholders.

The privatization offer required a two-thirds majority vote by shareholders and a simple majority of the votes cast by shareholders after excluding any Great Pacific shareholders.