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.