TENON

[mikescott]

If share its price be fall below $1.85, i am thinking that RBC it will be successfully receiving enough from big shareholders at $1.85 who is be wanting to get out. Better to sell now if can get better than $1.85 than worrying about accepting offer and then finding that there be scaling.

[willy_wonker]

quote:Originally posted by digger

Surely this takeover is dead in the water. Anyone wanting or having to sell would have surely done so by now at prices above 1-85.
.

quote:Originally posted by willy_wonker

quote:Originally posted by willy_wonker

As the days go by, I am thinking that there may not be another counter offer as rumoured. Anyway, time will tell. I have concerns that the building industry slowdown with US, Britain, Aust & NZ interest increase.

I think this may be the reason for the price drop as mentioned earlier.

Sold my TEN at around $1.95 average. Better money in the bank than sleepless nights worrying about a few more extra cents.

[clearasmud]

Time to buy TENPa back @1.86 Willy.

[willy_wonker]

The global interest rate rise including NZ does worry me abit. It will have an impact on the construction sector and housing market.

What if RBC pulls out?

I think I will sit this one out.

[Prophet]

Why sell out 10 - 20% below fair value? If RBC want a controlling share then they need to pay up. No pressure to sell on the punters in my reading of the tea leaves. If, and its a big if, the RBC offer gets through then those left holding will still have aaccess to the better company. RBC can't syphon off the residual cash return without shareing it with the remaining shrholders and if they keep it in the company you win anyway.

[ari]

So what's new.....Gibbs at it again......[|)][|)]

TAKEOVER: TEN: Rubicon makes complaint to Takeovers Panel

13 May 2004 - Rubicon Forests Limited ("Rubicon") announced today that it had
made a formal complaint to the Takeovers Panel in relation to the actions of
the Tenon Independent Directors.

Rubicon's Offer is conditional upon the directors of Tenon either confirming
to Rubicon that there are no material interests or assets which could be
adversely affected if Rubicon were to move to 50.01% of Tenon, or failing
them so confirming, allowing an independent expert to review the information
so that the confirmation can be provided to Rubicon.

Rubicon said, "We were extremely surprised to read in the press release
issued yesterday by Tenon, that 'Tenon's Independent Directors have advised
Rubicon that they do not intend to provide Rubicon with any Director's
certification, or provide information to an "expert" appointed by Rubicon, in
respect of conditions Rubicon has attached to its Offer.' The fact is that we
had not been advised of this stance by the Independent Directors - their
press release would appear to be their advice to us."

Rubicon said, "We can not understand why the Independent Directors wish to be
obstructive on this matter. It is surely in the best interests of Tenon
shareholders that the Offer is open to them for acceptance. Tenon's
Independent Directors' actions in this regard may well prevent this from
occurring. It must surely be a simple matter for the Independent Directors to
give the confirmation required.

If the Independent Directors have concerns about their personal liability in
giving the confirmation, then they should let an independent expert give the
confirmation. Surely one or other of the two approaches to satisfying this
condition must be acceptable to them - it is difficult to believe that
neither are, unless the Independent Directors' intention is to frustrate
Rubicon's Offer."

[clearasmud]

wonder if the sp is being manipulated down by rubicon or their friends atm?

[willy_wonker]

This will also have an effect on TEN.

Foresters cut back to fight slump in major market


http://www.nzherald.co.nz/business/b...tickercode=CAH

[ari]

new bidder.....
http://www.sharechat.co.nz/features/...e.php/363f7149

[ari]

How do these guys take them selves seriously......even Little of Toll came to the party....
Although I still believe the whole thing is a ploy...

quote:TAKE_PAN: TEN: Takeovers Panel to Meet on Tenon / Rubicon Matter

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.