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


Rubicon responds to GPG’s partial Offer

Auckland, 27 September 2002 – In response to GPG Forests (GPG) partial takeover Offer (for 40% of the shares in Rubicon that it does not already own, to take it to a 50% control position in Rubicon) released today, Rubicon advises that the Independent Directors of Rubicon unanimously recommend that Rubicon Shareholders DO NOT ACCEPT THE OFFER.

As required under the takeovers code, an independent Appraisal Report has been prepared by Grant Samuel & Associates Limited (Grant Samuel) on behalf of Rubicon shareholders. Grant Samuel’s report concludes:

“In Grant Samuel’s opinion the full underlying value of Rubicon shares is in the range of $0.98 to $1.28 per share. The value is for 100% of Rubicon and includes a premium for control. As GPG’s Offer of $0.75 per share is below the range it is considered not fair…In some takeovers there are factors that might suggest that even if an offer is not fair, shareholders should consider accepting the offer. In this instance there does not appear to be any compelling reason for Rubicon shareholders to accept a takeover offer that is significantly below full underlying value.”

Rubicon’s Target Company Response Statement (including the Grant Samuel Report) will be despatched to Rubicon shareholders this weekend. The reasons for the Independent Directors recommending against the GPG Offer are outlined in paragraphs 14 and 15 of Rubicon’s Response Statement.

Unless GPG extends its Offer, Rubicon shareholders have until 5.00pm, 24 October 2002 to accept the Offer.


The Rubicon Response Statement and Grant Samuel report is available from the ‘Downloads’ section of Rubicon’s website ( Shareholders with any queries can call 0800 RUBICON (0800 782 4266).

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news