Rubicon, private investors agree to buy Tenon's Clearwood for US$55M

Tue, 14 Feb 2017

By Jonathan Underhill Feb. 14 (BusinessDesk) - Rubicon, the NZX-listed forestry biotech company that controls Tenon has teamed with US and New Zealand investors to agree to buy the wood processing company's remaining asset, the Clearwood manufacturing business, for US$55 million, a deal that would actually free up cash and reduce Rubicon's exposure. The deal needs sign-off from Tenon shareholders before it can be settled on the target date of April 28. Tenon is tied to the transaction by a US$1.65 million termination fee if it halts the s...

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