Tenon shareholders approve sale of US business, allowing $100M capital return

Fri, 18 Nov 2016

By Jonathan Underhill Nov. 18 (BusinessDesk) - Tenon shareholders have approved the sale of the wood processor's US business to New York-based buyout firm Blue Wolf Capital, allowing the company to make a $100 million capital return via a share cancellation. The sale and capital return were approved with a more than 99.5 percent majority at the annual meeting in Auckland, the Taupo-based company said in a statement. Among minority shareholders more than 98 percent voted in favour, it said. The sale for US$110 million represents a 2016 ebi...

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