Dorset Management Corporation, Libra Partners NZ LLC and existing Tenon Clearwood Limited Partnership's partners entered into agreement to acquire 44.88% stake in Tenon Clearwood Limited Partnership (TCLP) from Rubicon Limited (NZSE:RBC) on December 11, 2017. As per the terms of agreement existing Limited Partners have pre-emptive rights should Partners wish to sell down their ownership interests. All existing partners have formally agreed to waive their pre-emptive rights over the 40.0% (combined) that is to be sold to Dorset Management Corporation and Libra Partners NZ LLC, and will participate (or not) according to their pre-emptive rights over the 4.88% balance of Rubicon’s shareholding interest. Rubicon believes the 4.88% will be fully acquired by the existing TCLP partners. The negotiated price for the sale of the Tenon Clearwood Limited Partnership shareholding is $14.2 million plus Rubicon’s share of the reduction in Tenon Clearwood Limited Partnership's net debt in the period from April 28, 2017 (the date of Rubicon’s investment into Tenon Clearwood Limited Partnership) through to December 31, 2017. The Board of Rubicon Limited has established an independent committee comprising David Knott, Dave Knott Jnr, and Ranjan Tandon to manage the Tenon Clearwood Limited Partnership share sale. The independent committee described the strategic rationale for the proposed transaction as Rubicon needs to make the final two deferred-settlement payments in relation to the recent acquisition of 100% of ArborGen and to repay its outstanding subordinated notes. The transaction is subject to approval of shareholders of Rubicon Limited. The transaction was approved by 99.9% shareholders of Rubicon Limited on January 11, 2018. The transaction is approved unanimously by Independent Directors of Rubicon Limited. The transaction is expected to close on January 31, 2018. Grant Samuel & Associates Pty Limited as independent financial advisor to Rubicon Limited. DLA Piper acted as legal advisor to Libra Partners LLC and Dorset Management Corporation. Dorset Management Corporation, Libra Partners NZ LLC and existing TCLP Limited Partners completed the acquisition of 44.88% stake in Tenon Clearwood Limited Partnership from Rubicon Limited (NZSE:RBC) in January, 2018.