Rubicon has won the race in the takeover battle for New Zealand timber company Tenon.
The NZ$1.95 a share offer by Rubicon gained acceptance from shareholders owning 58% of Tenon, formerly known as Fletcher Challenge Forests. The offer has now been made unconditional and Rubicon expects to take a 50.01% share in the company, with some shares being returned to shareholders.
Rubicon, a holding company for Fletcher’s tree technology and other investments, pipped the Guinness Peat Group for control of Tenon.
