Jan 19, 2005. /Lesprom Network/. Carter Holt Harvey Limited today advised that the entire Board of Directors of Australian packaging company Wadepack Limited, including the Managing Director Mr Ashod Nassibian, had accepted the company’s off-market takeover offer in respect of their shareholding. Following the Australian Competition & Consumer Commission and the Foreign Investment Review Board approvals in December, the Wadepack Board of Directors had announced its unanimous support for the bid in the absence of a superior offer. Carter Holt Harvey is offering A$2.70 for every ordinary fully-paid Wadepack share, comprising a A$2.60 per share cash payment and two A$0.05 dividends. As at 7pm on 18 January 2005, the company had received acceptances for 66% of Wadepack shares. CHH Pulp, Paper & Packaging Chief Operating Officer, Mr Rhys Jones welcomed the significant increase in acceptances that had followed the Wadepack Board’s recommendation. "Our offer represents full and fair value for Wadepack and we’re pleased that it’s proving attractive to its shareholders," said Mr Jones. "In particular Mr Nassibian's acceptance is a significant step in the bid, with his shareholding and related interests representing 40.5% of Wadepack’s shares." "We encourage all remaining Wadepack shareholders to move quickly and take advantage of the offer as outlined in the bidder and target statements. Unless extended, this offer will close at 7pm on February 18th." Carter Holt Harvey's bid remains subject to standard conditions including the acquisition of at least 90% of Wadepack's ordinary shares (which will enable it to proceed to compulsory acquisition of any remaining Wadepack shares). The full conditions are contained in the bidder’s statement dated 7 December 2004.