Hart gives CHH more time

Billionaire businessman Graeme Hart last night agreed to give independent directors of forest products company Carter Holt Harvey more time to consider his takeover bid.

The $3.3 billion bid was due to expire on Thursday, but directors yesterday wrote to Hart's Rank Group seeking an extension.

The directors said they wanted more time to assess whether last week's earnings downgrade had implications for the original independent valuation report.

Hart said Rank would extend its offer "for a minimum period of two weeks in order to provide remaining shareholders an opportunity to consider the revised report and recommendation".

CHH last week cut its annual earnings forecast to $200 million, from a previous guidance of $253 million, due to continued difficult market conditions and poor company performance.

- NZPA