Highland Timber’s shareholders have voted in favour of a sale of the company’s forest assets to FIM Timber Growth Fund IV, meaning a higher value offer from European Forest Resources Acquisition Ltd has now lapsed.
The £12.5m offer was approved at an extraordinary general meeting held on September 20, where shareholders were given the chance to postpone the meeting for six days and consider the European Forest Resources Acquisition offer, which valued the firm at £14.8m.
However, this option was declined and the FIM offer approved, with the company noting that “the disposal of the forest assets will be complete shortly”.
The sale of the company’s forest assets has been ongoing since May, with a number of organisations, including European Forest Resources Acquisition, Louis Dreyfus Energy Holdings Ltd and FIM, linked with a purchase of Highland Timber’s forest assets.
