Shares of Resolute Forest Products Inc. /zigman2/quotes/203920851/composite RFP +0.98% /zigman2/quotes/200822511/delayed CA:RFP +1.45% rocketed 65.3% to pace all premarket gainers, and to put them on track for an eight-year high, after the Montreal-based forest products company agreed to be acquired in a deal with an enterprise value of $2.7 billion by the Paper Excellence Group, through its subsidiary Domtar Corp. Under terms of the deal, each Resolute Forest share outstanding will be converted into a right to receive $20.50 per share, which represents a 64.1% premium to Tuesday's closing price of $12.49, as well as a Contingent Value Right (CVR) that entitles the holder a share of softwood lumber duty deposit refunds. ""With this transaction, Resolute will accelerate its growth as it gains access to more tools, capital and opportunities to pursue our ambitions with the combined resources of the Paper Excellence Group," said Resolute Forest Chief Executive Remi Lalonde. "This agreement offers our stockholders the opportunity to realize a significant premium for their shares in cash, plus additional value with contingent value rights tied to the prospective recovery of accumulated deposits on estimated softwood lumber duties through the second quarter." Resolute Forest's stock has gained 5.5% over the past three months through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.74% has dropped 14.5%.