Waiting for Tenon

Tenon yesterday gave no hint about its announcement amid expectations of a second bidder for control of the company.

Rubicon has upped its takeover bid by 10c a share to $1.95 as it seeks to increase its 19.9% stake to 50.01%.

The offer is still below a valuation range assessed by independent adviser Grant Samuel of between $2.01 and $2.22 a share.

Tenon's independent directors noted that an updated Rubicon statement released on Wednesday referred to an independent report by Ferrier Hodgson on the merits of the offer, not the Grant Samuel report.

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