Corporate raider Guinness Peat Group (GPG) yesterday revealed a new takeover offer for Rubicon and accused Rubicon's board of keeping details of the offer from its shareholders.
In a press release issued late in the day, GPG said it had asked the Rubicon board to consent to its"moving forward immediately with its offer to other shareholders in Rubicon for 40 per cent of their shares at a price of 75c per share".
The offer, which if successful would take the GPG holding in Rubicon to just under 52 per cent, would be conditional on its getting at least 50 per cent of the company's shares.
GPG said it had "confirmed this procedure with the Takeovers Panel".
"For reasons unclear to GPG, the Rubicon independent directors have yet to make any decision to allow the offer to proceed."
Rubicon countered with a press release in the name of its chief executive, Luke Moriarty.
He said the latest request from GPG sought to amend its original offer so as to comply with the Takeovers Panel's latest ruling.
Moriarty said that if Rubicon agreed to this, the required 14-day notice period for a new offer to be sent to Rubicon shareholders would effectively be waived.
A special committee of the Rubicon board of directors had been talking to GPG and had already told GPG that it was seeking Takeovers Panel clarification on its latest takeover request.
The panel blocked GPG's original $67 million partial takeover offer for Rubicon on the grounds that it was in breach of the Takeovers Code.
It had offered 75c a share to secure either a 51.99 per cent controlling stake or a stake somewhere between 30 and 50 per cent. The latter would require shareholder approval.
GPG wants to gain a foothold in the forestry industry through its control of Rubicon, which is the single biggest shareholder in Fletcher Challenge Forests, owning 18 per cent.
