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Matariki Forests takeover bid

A $1,007.79 m
  • Entry date - Thursday, 6 November 2008
  • Jurisdiction - Australia, New Zealand
  • Practice - M&A
  • Matariki Forests sale is receiving international interest

  • Firm
    Simpson Grierson
  • Client
    Rayonier New Zealand
  • Lead Lawyers
  • Role


DEAL SUMMARY

  • Matariki Forests sale is receiving international interest in light of global economic crisis

  • Rayonier New Zealand, manager of the forests, says there have been 12 serious bidders

  • No reserve set, however, Carter Holt Harvey made similar sale to Hancock Timber Resource Group in 2006 for NZ$1.6bn (about NZ$9000 per hectare), making Matariki possibly worth up to NZ$1.26bn

  • Majority of bidders from North America, European Union and sovereign funds in the Middle East

  • Tender process expected to close before Christmas this year, with final sale expected in first quarter of 2009



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