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


Tenon receives Partial Takeover Intention Notice

Tenon Limited receives Partial Takeover Intention Notice from Rubicon Forests Limited

Auckland, 8 April 2004 – Tenon Limited advises that it has today received notice from Rubicon Forests Limited (“Rubicon”) of an intention to make a partial takeover offer. Until the independent directors of Tenon make a formal recommendation to shareholders, shareholders are strongly advised not to take any action in relation to the notice of intention from Rubicon.

Rubicon intends offering NZ$1.85 per share for Tenon shares, which are currently trading at NZ$1.82, with the objective of taking Rubicon’s existing 19.997% shareholding in Tenon to 50.01%.

Shareholders should note that the price offered for the Company’s shares amounts to a very small margin of only 2% over the market closing price today, and is only for 30.013% of the Company’s shares. In addition, prior to receipt of the notice from Rubicon, the Company announced to the market earlier today an increase in its projected earnings for the current year.

It should also be noted that in late March, the Company made a capital return and cancelled half the then existing shares in the Company. The price intended to be offered by Rubicon equates to a share price prior to the capital return and share cancellation, of NZ$1.55.

This matter will be dealt with by the independent directors of the Company, and Tenon directors Michael Andrews and Luke Moriarty, respectively chairman and chief executive of Rubicon, will not participate in that process.


© 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>>


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>>


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>>


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>>