Gunns out of running for Timbercorp assets
Gunns Limited has been knocked back as a preferred bidder for Timbercorp’s forestry assets.
The listed timber company submitted the proposal to Timbercorp’s liquidators, KordaMentha, on September 18. Gunns was canvassing possible joint venture arrangements in its bid to acquire the land, trees and forestry operations of Timbercorp. Gunns said it believed the liquidators’ intention was to reach an agreement on the sale of the assets before September 30.
Despite being knocked back on this key acquisition opportunity, the group said it would “continue to assess opportunities to participate in the consolidation of the Australian forestry sector”.
More to come.
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