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

 

GPG Forests / Rubicon – offer would not comply


News Release 6 September 2002

GPG Forests / Rubicon – offer would not comply with Code

The Takeovers Panel met yesterday to consider two issues related to GPG Forests Limited’s (GPG Forests) proposed partial offer for Rubicon Limited’s (Rubicon) shares described in the takeover notice sent to Rubicon Limited on 28 August 2002.

First issue

The first issue was whether GPG Forests’ offer would comply with the Takeovers Code.

The Panel determined that it was not satisfied that the partial takeover offer for Rubicon of which notice was given by 28 August 2002 would comply with the Code.

The Panel considers that the Code does not permit partial offers to be made in the alternative. A partial takeover offer must be for one specified percentage that would take the offeror above 50% of the total voting rights of the target company, or for one specified percentage that is in the range of 20 – 50%, but then only subject to shareholder approval.

The Panel made an order restraining GPG Forests from acquiring securities in Rubicon through the making of a partial offer substantially in the same form contained in the takeover notice dated 28 August 2002. The order will expire at 5pm on Friday 27 September 2002.

Second issue

The second issue was whether, as a consequence of the Court order obtained by Guinness Peat Group Plc prohibiting Perry Corporation from disposing or agreeing to dispose of its shares in Rubicon, the partial takeover offer in the notice given by GPG Forests on 28 August 2002 would comply with the Code.

The Panel determined that it was satisfied that the Court injunction preventing Perry Corporation from disposing or agreeing to dispose of its shares in Rubicon would not render an otherwise Code-compliant offer to the shareholders of Rubicon in breach of the Code.

The Panel’s determinations and restraining order are published in full on www.takeovers.govt.nz.

* * * * *
… ends …

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: