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

n, we believe that Rubicon should expand its Board of Directors to include an additional three directors who are representatives of Rubicon's shareholders.  We believe it is critical for the shareholders to have a voice at the board level, to insure that the board is focused on acting in the shareholders' best interest.

Rubicon's stock, after sustaining a loss of nearly 66% this past year, is currently trading at approximately NZD 0.40 per share.  We believe that it is potentially worth upwards of NZD 1.20 per share, or three times its current market value, and that pursuit of the strategies we suggest could achieve a realization of that value.  Furthermore, we believe Rubicon could be worth as much as NZD 1.65 per share based on the values of ArborGen and Tenon as separate strategic targets. On a standalone basis, each of ArborGen and Tenon is a very attractive investment opportunity.  ArborGen is one of the only global biotech companies focused on the genetically modified tree seedling market. This early-mover status has provided ArborGen with a competitive advantage that, with the help of additional equity investments obtained from listing on an exchange, could lead to a tremendous growth opportunity for ArborGen. On the other hand, Tenon is one of the largest vertically-integrated distributors of building products in the U.S. Although Tenon has sustained difficulties in recent years as a result of low levels of large discretionary remodeling activity in the U.S. and the rising NZD:U.S. exchange rate, we believe that there is a large amount of untapped growth that remains available to Tenon, especially in light of macro fundamental indicators that the U.S. housing market is at 40-year lows. A strategic buyer could fund growth and acquisition plans for the business, which should include restructuring Tenon's current operations, launching new do-it-yourself products, reducing costs and expanding into new geographic markets (e.g. China, Eu
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