Forestry company Gunns Ltd
(ASX:GNS) says it has submitted a conditional proposal to the liquidator of Timbercorp to acquire certain forestry assets.
Gunns says it has held discussions with potential providers of debt and a joint venture partner in relation to the potential acquisition.
The proposal will involve Gunns, together with a joint venture partner, acquiring the land, trees and forestry operations businesses from Timbercorp.
Gunns says the proposal is conditional and there is no guarantee that the conditions will be satisfied nor that its proposal will form a basis for completion of a transaction.
Gunns says it will advise the market of any developments and says it understands the liquidators’ intention is to reach agreement before September 30 2009.
Gunns profits have been decreasing year on year for the past four years.
