On Tuesday Gunns announced it planned to offer the Australian forestry firm’s shareholders AUS$6.15 per share, the equivalent to 1.83 shares in Gunns, in order to take full control of the company, with Auspine‘s directors stating that they intends to review the offer and advising shareholders to take no action in the meantime.

However, Mr de Bruin, Auspine’s majority shareholder, has made it known that he is unwilling to sell his part of the company at the price offered by Gunns as it undervalues the firm.

At AUS$6.15, Mr de Bruin stands to make around AUS$97m for his 30% stake in Auspine.