(Bloomberg) -- Brazil’s Suzano SA is exploring an offer for Clearwater Paper Corp., according to people with knowledge of the matter.

The company is working with an adviser as it seeks to reach an agreement, said the people, who asked not to be identified discussing confidential information. A deal hasn’t been finalized and it’s possible one won’t be reached. 

Representatives for Suzano and Clearwater declined to comment.

Spokane, Washington-based Clearwater, which manufactures pulp and paperboard products, had a market capitalization of $409 million as of Thursday’s close and its shares have fallen 31.6% this year. Clearwater’s shares jumped as much as 19% after the close of regular trading Thursday. 

Suzano, which is the largest supplier of hardwood market pulp in North America, has been pushing further into the US, most recently buying two paperboard mills in Arkansas and North Carolina in a deal valued at $110 million.

(Updates to include share gain in fourth paragraph.)

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