Navigation Links
Sandell Asset Management Seeks Sale of Rubicon & Tenon, Expansion of Board
Date:10/10/2011

NEW YORK, Oct. 10, 2011 /PRNewswire/ -- In response to Rubicon's poor stock performance, Sandell Asset Management's Chief Executive Officer Thomas E. Sandell sent today the following letter to Rubicon's Board of Directors:

Board of Directors
Rubicon Limited
Level 3
7 - 9 Fanshawe Street
Auckland
New Zealand
Attn: Steve Kasnet, Chairman
Luke Moriarty, Chief Executive Officer

Dear Gentlemen:

As you are aware, funds managed by Sandell Asset Management Corp. ("Sandell") own approximately 41.1 million shares in Rubicon Limited (RBC NZ) ("Rubicon"), which represent approximately 14.4% of Rubicon's total outstanding shares. As a long-term investor in Rubicon, Sandell has financially and strategically supported Rubicon and its management over the past ten years. However, as we previously indicated to you, following the failure to launch the ArborGen IPO earlier this year, we have lost faith in the ability, or willingness, of Rubicon's current management to take the steps we believe are necessary to enhance shareholder value in the near term.  The company remains significantly undervalued in the public market, and we believe there are several opportunities the company should pursue to maximize shareholder value.

As we have previously indicated to you, we believe that Rubicon should pursue one of the following strategic alternatives to maximize its value: (1) sell Rubicon in its entirety; or (2) sell Rubicon's controlling interest in Tenon pursuant to an auction process, followed by ArborGen listing its shares for trading on the NASDAQ.  When we spoke earlier this year, you indicated that Rubicon could not focus on value-enhancing alternatives until it had addressed several refinancings that were in process at the time.  Those refinancings have been completed, and there should be no other excuse for your failing to promptly consider the strategic alternatives we have proposed.  

In additio
'/>"/>

SOURCE Sandell Asset Management
Copyright©2010 PR Newswire.
All rights reserved

Page: 1 2 3

Related biology technology :

1. Generex Augments Cash Position With Sales of Non-Essential Assets
2. delSECUR CORPORATION Announces Its Dissolution; and the Distribution of Its Asset to Its Lenders and Shareholders of the Corporation
3. Bacterin International Signs LOI to Acquire Assets of Robinson MedSurg LLC
4. Novogen and Marshall Edwards Sign Asset Purchase Agreement
5. Solutia Announces Sale of Perkalink® Business and Select Primary Accelerators Assets
6. Private Sector Investment in Agriculture Emerging as a Significant Alternative Asset Class: New HighQuest Partners Study
7. Genaera Liquidating Trust To Sell Remaining Proprietary Assets
8. OTCBB-WNDM Announces LOI to Acquire VHGI Assets for $10 Million Cash/Stock
9. Pharmasset to Webcast an Investor Event from the AASLD Meeting
10. Corgenix Secures $1,750,000 Asset Based Credit Facility Representing Initial Gross Proceeds of $1.109 Million
11. Gen-Probe to Consolidate Industrial Assets Into New, Independent Company
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/10/2014)... can sit upside down forever. Nanophysics makes sure of that. ... article just published in Physical Review E . Knowledge ... spiders that seem to be able to sit still forever, ... many years. We will soon be able to buy smart ... foot. But the fact is, sooner or later the grip ...
(Date:7/10/2014)... the University of Illinois at Urbana-Champaign provides new ... of spin and heat at the nanoscale, and ... for data storage and information processing. , ... momentum. In a typical charge current, electrons, spin-angular-momentum ... explained David Cahill, a professor of materials science ...
(Date:1/15/2014)... an approach akin to assembling a club sandwich ... Technology (NIST) researchers have succeeded in crafting a ... flammability of foam commonly used in upholstered furniture ... the nanotube-coated polyurethane foam was reduced 35 percent ...
(Date:1/15/2014)... 15, 2014  Bill Jacobs Automotive, a group of car dealerships ... with the Heartland Blood Center and offering free oil change ... takes place Saturday, Jan. 18 at the Bill Jacobs Cadillac ... (Photo: http://photos.prnewswire.com/prnh/20140115/MN46637 )  The Bill ...
Breaking Biology Technology:Even geckos can lose their grip 2University of Illinois study advances limits for ultrafast nano-devices 2Layered security: Carbon nanotubes promise improved flame-resistant coating 2Join the Bill Jacobs Auto blood drive and receive a free oil change 2
... 8, 2011 Quest Diagnostics joined the American Cancer ... the American Cancer Society,s historic Cancer Prevention Study - ... longitudinal study is between November 8 and 19, 2011. ... and genetic factors that influence cancer risk by following ...
... 2011 Accuray Incorporated (Nasdaq: ARAY), the ... results for the first quarter of fiscal 2012 that ... 2011, Accuray completed the acquisition of TomoTherapy. As a ... consolidation of both Accuray and TomoTherapy.  Non-GAAP results are ...
... YORK, Nov. 8, 2011 Reportlinker.com announces ... available in its catalogue: ... Suppliers http://www.reportlinker.com/p0681961/Genomic-Technologies-Market-Insights-for-Life-Science-Suppliers.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Genomics ... Genomic Technologies: Market Insights for Life Science ...
Cached Biology Technology:Quest Diagnostics Encourages Denver Area Residents to Enroll in Historic American Cancer Society Prevention Study November 8th - 19th 2Quest Diagnostics Encourages Denver Area Residents to Enroll in Historic American Cancer Society Prevention Study November 8th - 19th 3Accuray Announces Results for First Quarter Fiscal 2012 2Accuray Announces Results for First Quarter Fiscal 2012 3Accuray Announces Results for First Quarter Fiscal 2012 4Accuray Announces Results for First Quarter Fiscal 2012 5Accuray Announces Results for First Quarter Fiscal 2012 6Accuray Announces Results for First Quarter Fiscal 2012 7Accuray Announces Results for First Quarter Fiscal 2012 8Accuray Announces Results for First Quarter Fiscal 2012 9Accuray Announces Results for First Quarter Fiscal 2012 10Accuray Announces Results for First Quarter Fiscal 2012 11Genomic Technologies: Market Insights for Life Science Suppliers 2Genomic Technologies: Market Insights for Life Science Suppliers 3
(Date:7/10/2014)... NXT-ID, Inc., (OTCQB: NXTD) a biometric authentication company focused on ... Pereira was interviewed on July 1 st on ... . Mr. Pereira discusses the company,s next generation smart ... how the Wocket™ aims to replace a traditional wallet with ... Harris tells Gino he has never heard of the ...
(Date:7/10/2014)... Sweden , July 8, 2014 ... has won a new design win (DW). An Asian OEM ... date for mass production start in August 2014.   ... Asian smartphone OEM, which has a planned date for start ... an initial ramp order of SEK 5M, for delivery in ...
(Date:7/10/2014)... An international team ... step of photosynthesis in action for the first time. The ... used the world,s most powerful X-ray flashlight at the US ... molecular complex called photosystem II as it splits water into ... earth,s atmosphere. The researchers report their results in the scientific ...
Breaking Biology News(10 mins):Security and Your Money: Tampa Bay Radio Host Cedric Harris Talks to NXT-ID CEO Mr. Gino Pereira about the Wocket Smart Wallet 2Security and Your Money: Tampa Bay Radio Host Cedric Harris Talks to NXT-ID CEO Mr. Gino Pereira about the Wocket Smart Wallet 3Security and Your Money: Tampa Bay Radio Host Cedric Harris Talks to NXT-ID CEO Mr. Gino Pereira about the Wocket Smart Wallet 4FPC Wins DW and Initial Ramp Order for FPC1021 Touch Sensor for Flagship Smartphone from Asian OEM 2Scientists watch photosynthesis in action 2Scientists watch photosynthesis in action 3
... Calif.) The National Institutes of Health (NIH) has ... chemistry, and biology researchers to develop a highly efficient ... technology provides an entirely new method of discovering and ... of applications, including next-generation disease diagnosis at the point ...
... ongoing destruction of specific neurons within the brain. It affects ... to involuntary movement and loss of muscle co-ordination. New ... Neurodegeneration shows that the RyanR inhibitor Dantrolene is able ... a mouse model of HD. Progressive damage to ...
... the final weeks before delivery is tough for any pregnant ... extreme physical changes that accompany the later stages of pregnancy. ... gait change such as a change in stride length ... Intrigued by the ways that newborn dolphins learn to swim ...
Cached Biology News:Researchers awarded $3.2 million from NIH to pioneer advanced biomolecule discovery technology 2Researchers awarded $3.2 million from NIH to pioneer advanced biomolecule discovery technology 3Pregnancy is a drag for bottlenose dolphins 2
... Throughput Processing of Microarrays Using the New ... multiple slide plate is designed to hold ... multi-well incubation chambers in a microplate footprint ... footprint dimensions meet the standards recommended by ...
fully automated system for the processing of microarrays on microscope slides...
... use spatulas have been designed to save ... for those interested in eliminating the recycling ... spatula is individually packaged, RNase/DNase free, non-pyrogenic ... a new product number, created to easily ...
... use spatulas have been designed to save ... for those interested in eliminating the recycling ... spatula is individually packaged, RNase/DNase free, non-pyrogenic ... a new product number, created to easily ...
Biology Products: