Sep 02, 2005. /Lesprom Network/. Carter Holt Harvey Limited received the attached takeover notice from Rank Group Investments Limited relating to a proposed offer to purchase all of the ordinary shares in Carter Holt Harvey Limited. On 17 August 2005, Rank Group entered into an agreement with International Paper (IP) to acquire IP’s 50.5% stake in CHH. Under New Zealand’s takeovers code, a purchaser buying more than 20% of a company’s shares must extend the same offer to all shareholders. The notice records that all shareholders will receive an offer to buy their shares for NZ$2.50 ($1.8) in cash. The CHH committee of independent directors, being Kerry McDonald (chairman of the committee), Helen Nugent and John Maasland, is overseeing all aspects of CHH’s response to the takeover offer and Grant Samuel has been appointed to prepare the independent adviser’s report. The next step is for Rank Group to issue the takeover offer to shareholders and this is expected in the second half of September. Around the same time, CHH will issue its target company statement to shareholders, which will include the committee of independent directors’ recommendation to shareholders and the Independent adviser’s report. Carter Holt Harvey is Australasia's leading forest products company, with significant interests in wood products, pulp, paper and packaging, supported by forests.