Bidder’s statement for scrip takeover bid - allegations of misleading or deceptive statements and omissions - application for orders to restrain dispatch and remedy - application superseded by subsequent events - issues would have warranted further consideration in other circumstances - conclusion of proceedings without completing submission and evidence process
Statement by target to the effect that a defeating condition in a bid would not be satisfied - minimum acceptance condition - announcement that bidder would not to proceed with scrip takeover bid prior to dispatch of offers - announcement of alternative cash takeover bid - delay by bidder in making announcement- potential to mislead the market - truth in takeovers policy - reliance on Third Party Statements -unreasonable to rely on statements concerning the results of a shareholder survey - declaration of unacceptable circumstances - decision not to order dispatch of bidder’s statement for the scrip takeover bid - content of bidder’s statement - decision not to make interim orders restraining dispatch of bidder’s statement for the cash takeover bid
Corporations Act 2001 (Cth), sections 602(a), 657A, 657C, 631, 670A, 670F ASX Listing Rules, Chapter 3 ASIC Policy Statement 25 ‘Takeovers: false and misleading statements ASIC Class Order 00/344 BreakFree 02 [2003] ATP 30, cited
