Hart extends Carter bid

Rank Group last night extended the deadline for its $3.3 billion Carter Holt offer to December 9.

Rank, owned by New Zealand's richest man Graeme Hart, extended the takeover offer for a third time. It was due to close yesterday.

Rank already has over 80 per cent of the forest products company, but needs 90 per cent to complete a full takeover.

Meanwhile, investors anticipating the close of Rank's offer bailed out yesterday. Amid heavy trading, the shares fell 4c to $2.46, below the $2.50 a share Hart had offered.

Observers said most of the sales were made by hedge funds who would struggle to file an acceptance before the offer closed and did not want to be holding parcels when there was no bid to underpin the share price.