Billionaire Graeme Hart has stepped up his campaign to take control of Carter Holt Harvey, warning of the dangers of remaining a minority shareholder in the forestry giant.
In a letter to shareholders, Hart says there is a "significant risk" CHH shares may fall after his $3.3 billion offer closes. This is due on November 25, but he could still extend it further.
"The fall could be by a large amount. Accordingly, shareholders wishing to take advantage of the $2.50 a share offer ... should act without delay," Hart writes.
The comment is designed to convince shareholders banking on Hart lifting CHH's returns that they may not see quick gains.
The many sticking with Hart reckon his record with businesses such as Australian herb and spice combine Burns Philp and transtasman food giant Goodman Fielder shows he sees considerably more value in the business than the sum he has offered.
Hart already has acceptances from shareholders holding more than 75 per cent of the shares. This would give him the power to pass special resolutions such as a fundamental change in CHH business.
On a website, Hart runs a countdown meter to the close. He also reiterates the urgency of accepting the offer, shows the offer's premium CHH trading ranges and gives shareholders the facility to download acceptance forms as well as the offer documents.
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