Date: 17 August 2005
International Paper agrees to sell shares to Rank Group Carter Holt Harvey Limited
Carter Holt Harvey has been advised that IP has entered into a lock-in agreement to sell its 50.5% stake in CHH to Rank
Group Investments Limited for $2.50 per share (with existing shareholders retaining the benefit of the recently
announced Interim Dividend). The same offer will be made to all shareholders in compliance with the New Zealand
Carter Holt Harvey CEO, Peter Springford said “We have just received advice of this agreement and it is premature for
us to comment in any detail on it. One very positive aspect for New Zealanders is that the bidder company is New Zealand
owned.” Under the Takeovers Code, Rank Group will issue a takeover offer and CHH will provide a Target
Company Statement containing an Independent Report and the CHH Independent Directors’ recommendation. This process will
unfold over the next month in accordance with the Code.
Peter Springford confirmed that CHH and its Board would continue to work through the process, acting in the best
interests of all shareholders.