Rank Group almost there on CHH bid

Graeme Hart's Rank Group almost has forest products firm Carter Holt Harvey in its pocket, with a stock exchange notice yesterday showing it is nearing the critical 90 per cent target.

In a substantial shareholder notice Rank said it had secured 86.8 per cent of the company, just shy of the threshold required to spark a compulsory acquisition of all minority shareholdings.

Rank made a revised offer of $2.75 per share on February 20 after its offer of $2.50 failed to net full control.