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Rubicon wins partial takeover of Tenon

Rubicon wins partial takeover of Tenon

Rubicon Forests Limited (“Rubicon”) announced that it had declared its partial Offer for Tenon shares to be unconditional.

It said that it had now received confirmation from Computershare that it had achieved sufficient acceptances from its Offer to move Rubicon’s ownership in Tenon to 50.01%.

Luke Moriarty, the Chief Executive Officer of Rubicon, said “This is a great outcome, and we now look forward to creating further value for Rubicon and Tenon shareholders.”

Rubicon said it had received acceptances that would have taken its ownership position to in excess of 58% in Tenon. As its Offer was only for 50.01%, acceptances in excess of this number will be scaled back accordingly.

There was a very strong level of retail acceptances on the closing day of the Offer, which resulted in a total of around 11,000 ordinary and 6,000 preference shareholders accepting the Offer.

Tenon shareholders who accepted the Offer will receive payment from Rubicon within 7 days.

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