He could not categorically rule out a bid but noted that Norske Skog specialised in newsprint and magazine grade papers - well outside the product line of Tenon.
Goldman Sachs JBWere broker Murray Rutherford said his firm had always believed there would be a contested interest in Tenon.
"The new player hasn't emerged at this stage. We are of the view that an industry player would be able to pay more than a non-industry (investment-type) company because they can enjoy synergy benefits and so on."
He said his firm had no opinion on whether Norske Skog was the mystery player.
Norske Skog's interests in New Zealand were really limited to newsprint and it was unclear whether Norske Skog International's interests were broad enough to encompass products in the timber products, he said.
Norske Skog New Zealand executives were not immediately available to comment this morning.
Rubicon earlier this week complained to the Takeovers Panel about the "obstructive" behaviour of Tenon's directors. It said Tenon's independent directors had indicated they would not comply with one of the conditions of the offer.
Tenon's independent directors urged shareholders to reject Rubicon's partial takeover offer of $1.85 per share.
Rubicon's offer is conditional upon either the directors of Tenon or an independent review confirming there are no material interests or assets which could be adversely affected if Rubicon were to gain a 50.01 per cent stake.
Rubicon is seeking to increase its stake in the wood processor from 20 per cent to 50.01 per cent.
Rubicon said Tenon's independent directors have indicated via a news release they did not intend to provide the material information.
"We cannot 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," Rubicon said in a statement to the stock exchange.
Tenon advised shareholders not to sell into Rubicon's partial takeover after independent adviser Grant Samuel said Tenon shares were worth at least 8 per cent more than the offer price.
Grant Samuel valued Tenon at $2.01 to $2.22 a share and said the deal was not fair.
- NZPA
Grant Samuel and Associates (commissioned by Tenon):
Independent Adviser's Report on a Partial Takeover Offer from Rubicon Forests Limited
[PDF]
