Highland Timber has already entered a sale and purchase agreement with FIM Timber Growth Fund IV, which includes an exclusivity clause.
The FIM offer, announced May 18, is valued at £9.9m and represents a 67% premium on the net value of the assets as of December 31, 2006 according to Highland Timber’s chief executive Oliver Waring.
FIM’s offer still needs to be put before shareholders at an emergency general meeting, which is to be held June 26, for approval.
