Gunns Ltd will complete the takeover of rival timber firm Auspine Ltd by undertaking the compulsory acquisition of remaining shares.
Just under 99% of Auspine’s shares had been sold to Gunns when its offer closed on January 18, meaning that it is now able to purchase the outstanding 1% in line with the Corporations Act.
“The compulsory acquisition will be on the same terms as the latest takeover offer,” said Gunns in a letter to the remaining shareholders.
“Subject to the provisions of the Corporations Act, this will occur in late February at the earliest.”
The completion of the remaining shares will also see Auspine delisted from the Australian Securities Exchange.
