Hart's wait for CHH shares pays off

Billionaire Graeme Hart's waiting game for Carter Holt Harvey appears to be paying off.

He last night disclosed he had picked up a further 0.13 per cent of the stock, taking his holding to 85.67 per cent. He also extended his $3.3 billion takeover offer for the forestry giant for the sixth time for two weeks until January 27.

Hart picked up the shares despite CHH's shares trading above his $2.50 a share offer for most of this week. They closed last night at $2.53 amid hopes that Hart will launch a higher takeover offer after the present one closes.

Hart is now just shy of the 90 per cent threshold where he can compulsorily acquire the outstanding shares.

It appears he will continue extending the offer for the full 150 days allowed under the takeovers code until mid-February. This final closure will be close to the release of the forestry giant's December 2005 annual result.

Most investors expect him to move to 100 per cent. Under the terms of takeovers code, he could launch another offer immediately to mop up the remaining shares.

But, he is likely to watch investor reaction to the earnings and the company's outlook before pressing ahead with such a move.