Published 17 September 2005
Mirvac Group subsidiary James Fielding Funds Management Ltd increased its Evergreen Forests Ltd offer on Friday from $104.2 million to $115 million, putting it above the backup bid from the NZ Super Fund.
As Evergreen’s board set about scheduling a meeting to consider the James Fielding offer, the Cullen Fund (as the Government Super Fund has been called) made a $112 million offer for the same Evergreen assets, its North Island forests & land. That meeting is set for Monday 26 September.
James Fielding said on Friday it also intended to seek an assignment of Evergreen’s existing $US loan on a “best endeavours” basis and, if it succeeded, that would add value to its new proposal.
Evergreen’s biggest shareholder, Opers (the Ohio Public Employees Retirement System) said during the week it would vote its 41% in favour of the Cullen Fund bid, but the Evergreen board went into the weekend considered the revised Australian offer.
Evergreen owned or had cutting rights over 18,959 stocked hectares at 30 June. Its forest properties are principally located in Northland, South Auckland and the East Coast. It sold its West Coast forestry rights for $3.4 million on 18 August, settlement 30 September.
14 September 2005: 41% Evergreen shareholder opts for Super Fund bid
13 September 2005: Fielding gets funding OK for Evergreen bid
27 August 2005: Cullen Fund makes backup bid for Evergreen
27 August 2005: Evergreen loss increases to $18 million as new bid made
22 July 2005: Evergreen talks wind-farming as it ponders forests sale
13 May 2005: Evergreen bidders go to due diligence
15 January 2005: Evergreen calls in investment bankers to advise on its future