Scoop has an Ethical Paywall
Unsolicited Bid For Forest Estate Announced
Fletcher Challenge Forests Announces Unsolicited Bid For Forest Estate
Auckland, 16 September 2003 – Fletcher Challenge Forests (FCF) advises that it has today received an unsolicited bid from Kiwi Forests Group Limited (Kiwi) to acquire FCF’s entire forest estate. Kiwi has signed term sheets with Prudential Timber Investments Inc. and Evergreen Forests Limited for those parties to in turn acquire substantial portions of the FCF estate from Kiwi upon completion.
The offer comprises NZ$550 million in cash, plus Evergreen securities.
The bid is subject to entering
into a formal sale and purchase agreement, confirmatory due
diligence, regulatory approvals and final consortium member
board/shareholder approvals. Financing is not a condition.
The FCF Board and management are evaluating the bid and are
considering what action to take in relation to
it.
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
