Takeovers Panel to meet on Tenon / Rubicon matter

14 May 2004

Rubicon has asked the Takeovers Panel to convene a meeting under section 32(1) of the Takeovers Act 1993 relating to certain actions allegedly taken by the directors of Tenon in response to Rubicon's partial takeover offer.

The Panel has considered Rubicon's request and decided to hold a meeting on 19 May 2004.

Rubicon's partial takeover offer dated 5 May 2004 was sent to Tenon and to the Panel. The offer contains a number of conditions.

Rubicon alleges that certain behaviour on the part of Tenon's directors in response to conditions in the offer constitutes "defensive tactics" for the purposes of rule 38 of the Code in that it could frustrate the offer and/or deny Tenon's shareholders the opportunity to decide on the merits of the offer.

The meeting will be held at 10.00 a.m. on Wednesday 19 May 2004 in Auckland. The meeting will be a private meeting.

The notice of meeting is published on the Panel's website www.takeovers.govt.nz.