Scoop has an Ethical Paywall
International Paper agrees to sell shares
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 Takeovers Code.
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.
ENDS
Parrot Analytics: Paramount Earnings - Can Ellison Strike The Right Balance?
NZ Trade and Enterprise: NZ Businesses Deliver $340 Million Trade Boost For New Zealand In China
Ngā Manu Nature Reserve: Celebrating The Return Of Tuatara To Ngāti Koata And Brook Waimārama Sanctuary
Employers & Manufacturers Association: Work-related Injuries In Manufacturing Create $1.23 Billion Economic Burden On NZ
Consumer NZ: Consumer NZ Questions Supermarket Specials: Are They Really Saving You Money?
NIWA: October Climate Summary - A Mild Month Overall, Very Wet For Much Of The South Island
