Auspine founder Adrian de Bruin sells up Article from: Herald Sun
Nigel Austin
November 28, 2007 12:00am
NEARLY 30 years to the day after starting forestry company Auspine, Adrian de Bruin yesterday said he would sell his 30.3 per cent share in the company for about $115 million.
The sale of his shares and the other 8.9 per cent in the hands of small shareholders will deliver outright ownership to Tasmanian forestry giant Gunns.
It follows a six-month takeover battle, with Auspine's share price rising from $3.63 on April 18 to yesterday's offer of $7 a share.
Gunn's offer yesterday is a 13.8 per cent premium to its previous cash bid of $6.15 a share for Auspine.
Mr de Bruin said it was a sad day for him personally after starting the company 30 years ago.
He plans to shift to beef cattle and agricultural investments.
The sale includes 46,000ha of freehold land and 40,000ha of forest in South Australia and western Victoria.
Gunns chief executive John Gay said the acquisition would make Gunns Australia's largest privately held diversified owner and manager of hardwood and softwood forest resources.
He said Auspine was already performing above its original expectations and Gunns had a lot of confidence in it.
Gunns had given assurances that Auspine staff would be retained and the business would continue to operate as a stand-alone entity within the Gunns Group.
