Fletcher Challenge Forests Withdraws Bid

Fletcher Challenge Forests Withdraws Bid For Central North Island Forest Partnership
Auckland, 24 April 2002 – Fletcher Challenge Forests today announced that it will not proceed with the agreement entered into on 28 March 2002 with the Receivers of the Central North Island Forests Partnership to purchase the assets of the Partnership.

Fletcher Challenge Forests Chief Executive, Terry McFadgen, said today that in the time available it had not been possible to finalise arrangements, fully satisfactory to the company, to enable the conditions in the agreement to be met.

“Fletcher Challenge Forests remains an interested party in the receivership process and, given the quality of these assets, we do not rule out further interest in a purchase of the forest estate,” Mr McFadgen said.

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