28 May 2009

Rubicon part takeover set to proceed

8:13 pm on 28 May 2009

A partial takeover of the investment company Rubicon is set to go ahead, now that the majority of shareholders have voted in favour of the move.

The US-based firm Knott Partners, which started buying shares in Rubicon last year, wanted to lift its stake by 9% to just over 27%, with an offer of 70 cents a share or a 27% premium.

Conditions of the sale required more than 50% of Rubicon shares, other than those held by Knott and associates, to approve the takeover.

80% of the shares voted on Knott's offer, with 77% supporting it.

That is despite Rubicon last month warning independent advice had found the offer to be too low.