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Decision On Knott Voting For Its Rubicon Offer
Press Release
6 July 2009
Takeovers Panel Releases Decision On Knott Voting For Its Rubicon Offer
The
Takeovers Panel today published its decision arising from
the meeting of the Panel held on 10 June 2009. The Panel had
met to consider the implication of the voting of Rubicon
shares owned by certain investment funds managed by Mr David
M. Knott. Mr Knott is U.S. based and manages a number of
investment funds. Those funds had made a partial takeover
bid for Rubicon Limited and the shares should not have been
voted in the way they were.
The Panel’s decision involves the application of the Takeovers Code prohibition against misleading and deceptive conduct in relation to takeovers. This is the first time that an enforcement matter involving such conduct has been considered at a formal hearing of the Panel. The Panel’s decision also comments on the procedures for making partial takeovers.
The Panel’s decision is available through its website at www.takeovers.govt.nz.
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