AUSTRALIAN Plantation Timber independent director Alan Good has recommended that shareholders back Integrated Tree Cropping’s take over offer.
“The offer presents an opportunity for APT shareholders to exchange their investment in APT, which has a marketing capitalisation of about $18 million, for ITC with a market capitalisation of about $284 million,” he said in a statement.
Mr Good said the offer, of one ITC share for every six APT shares equated to a value of about 23 cents a share, which exceeded the Pitcher Partners valuation range of 20.8 cents to 22.9 cents per APT share.
ITC is a majority holder in APT.