ArborGen buys CellFor for CND $1.1 million, reducing Rubicon's shareholding

ArborGen, Rubicon's commercial forestry joint venture, has acquired US-based seedlings supplier CellFor for C$1.1 million cash plus warrants over ArborGen shares, in a move that would reduce Rubicon's holding in the company.

The warrants are exercisable at the time of a liquidation event, including a sale, transaction or initial public offering, Rubicon said. When exercised they would reduce the interest of Rubicon, International Paper and MeadWestvaco in ArborGen to 31.67 percent from 33.33 percent.

Shares in Rubicon last traded at 27 cents and have shed about 10 percent so far this year.

BusinessDesk.co.nz

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