Evergreen to consider $104m sale bid

Evergreen Forests shareholders will meet in September to consider a $104 million bid for the company's North Island forest estate and freehold land.

The bid, from James Fielding Funds Management, arose from a contestable sale process undertaken by investment banking advisers Forsyth Barr.

"Shareholders will consider the offer at a special meeting expected to be held mid-September," chairman Peter Wilson said yesterday.

Australian investment company James Fielding Funds is a wholly owned subsidiary of the Mirvac Group. The company is acting in its capacity as a trustee for New Zealand Sustainable Investments Fund 1.

Wilson said the sale, for more than 90 per cent of the company's assets, was conditional on at least 75 per cent of shareholders voting in favour.

- NZPA