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

 

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

Real Estate: House Price Growth Rates In Hawke’s Bay Skyrocket Ahead Of Rest Of New Zealand

Hawke’s Bay is leading the property ‘pack’ proving a post lockdown land of milk and money, continuing to outstrip the rest of the country with the highest annual growth rate in house price values. But experts warn an overheated market is fast ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>