Takeovers Panel Releases Decision on Knott Voting for Its Rubicon Offer


6 July 2009

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.