Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

GPG intention to make a partial takeover offer

Rubicon confirms receipt of GPG intention to make a partial takeover offer

28 August, 2002 Rubicon Limited (Rubicon) announced that this afternoon it received a notice from GPG Forests Limited (a wholly owned subsidiary of Guinness Peat Group plc) (GPG) of its intention to make a partial offer under the New Zealand Takeovers Code, in respect of fully paid ordinary shares in Rubicon which GPG does not already hold (Outstanding Rubicon shares), at a price of 75 cents per share. Under the Takeovers Code, the offer is able to made between 14 and 30 days from today.

The specified percentage of Rubicon shares for which the offer is intended to be made is:

EITHER
- 40% of the Outstanding Rubicon shares;
OR
- If :
- The offer is not accepted in respect of sufficient Outstanding Rubicon shares to leave GPG holding over 50% of the total ordinary shares in Rubicon on issue; and
- Approval is obtained from Rubicon shareholders in accordance with the requirements of the Takeovers Code,
then the percentage of the Outstanding Rubicon shares for which acceptances are received which would leave GPG holding between 30% and 50% of the total ordinary shares in Rubicon on issue.

The shares of Rubicon are currently halted on the NZSE. The independent directors of Rubicon will make a further announcement to the NZSE prior to the opening of trading tomorrow morning.


ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>