19/10/2004 - 22:00

ITC lays out details of offer for APT

19/10/2004 - 22:00

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ITC lays out details of offer for APT

INTEGRATED Tree Cropping has made its intentions towards fellow Western Australian timber player Australian Plantation Timbers clear by announcing a takeover bid for APT.

It already owns 49.9 per cent of APT and is now making a bid for full ownership.

On offer is one ITC share for every six APT shares held, or 23 cents per APT share.

APT independent director Alan Good said APT was dependant on ITC for forestry management, general management and financial support.

He said APT had retained Pitcher Partners as the independent expert to assess ITC’s offer.

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