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Rubicon receives request from GPG

Rubicon receives request from GPG

Rubicon Limited (Rubicon) announced that it had received a letter from GPG Forests Limited (GPG) requesting Rubicon to consent to GPG amending its original offer of 28 August 2002 such that it complies with the Takeovers Panel’s determination of 6 September 2002. The request is for Rubicon to agree to GPG amending their original offer, so that the revised offer would be for 40% of the outstanding Rubicon shares that it does not already own, at a price of 75 cents per share (conditional on achieving acceptances which would leave GPG holding more than 50% of Rubicon).

If Rubicon agrees to this request, the required 14-day notice period for a new offer to be sent to Rubicon shareholders would effectively be “waived.”

A special committee of the Rubicon Board (being all directors other than Dr Gary Weiss and Tony Gibbs of GPG) is considering this request. The Company has been in discussions today with GPG and its advisors, and has already informed GPG that it will be seeking clarification from the Takeovers Panel on their request.

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