Castlerigg, Cadmus buy Rubicon stakes

Castlerigg Master Investments, a fund started by New York-based investor Tom Sandell, and Cadmus Capital Management have bought stakes in Rubicon.

Castlerigg yesterday bought 17.5 million Rubicon shares from Guinness Peat Group, raising its stake to 12.2 per cent from 6.1 per cent, according to a filing. Curacao-based Castlerigg paid $18 million, or $1.03 a share for the stake.

Separately, New York-based Cadmus bought 17 million Rubicon shares, or about 6 per cent of the company, according to a filing.

On Monday Guinness Peat said it had sold 57 million Rubicon shares, or about 20 per cent of the company, to a range of investors. Rubicon's Tenon unit sells lumber and mouldings in the US.