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CHH independent directors reject Hart offer

Thursday 15th September 2005

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The independent directors of Carter Holt Harvey have rejected the offer from Graeme Hart's Rank Group.

They consider the offer from Rank is below fair value and unanimously recommend that the offer is not accepted.

The details of the recommendation, and the reasoning behind it, are set out in the target company statement.

The independent directors strongly encourage all shareholders to read the statement, take their own advice from an independent financial or legal adviser in respect of the offer, and consider that advice in light of their own circumstances.

Carter's majority shareholder International Paper has agreed to sell its stake to Rank.

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