Bidders in due dilligence on Evergreen Forests

Listed forest owner Evergreen Forests today said it had received a number of interesting proposals from potential buyers of its forest assets and "a limited number of parties" had entered into due dilligence.

The due diligence process was being managed by investment bank Forsyth Barr.

Final bids would be submitted by July 15 and announcement on the sale was expected shortly after that.

Evergreen also said it had received an expression of interest from Mighty River Power to consider a wind farm development on the company's North Kaipara property.

Evergreen Forests on March 24 said it would call for expressions of interest in its forestry estate . If, following the receipt of binding proposals, it was in shareholders' best interests to sell the company's land and forest assets, a shareholder meeting would be held to seek approval.

Evergreen shares were unchanged at 25c today having traded between 24c and 44c over the past 12 months.

- NZPA