Nature of review - powers of review panel -whether declaration of unacceptable circumstances made “on an application” -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
Corporations Act 2001 (Cth), sections 602 (a), 657A, 657C, 657D, 657EA, 658A, 658B, Part 9.2 Australian Securities and Investments Commission Act 2001 (Cth) section 192 Australian Securities and Investments Commission Regulations 2001 , regs 18, 20, 22 ASIC Policy Statement 25 ‘Takeovers: false and misleading statements ASIC v National Exchange Pty Limited [2003] FCA 955; 47 ACSR 128 Bondv Australian Broadcasting Tribunal (1988) 84 ALR 646 Hedges v Australasian Conference Association Ltd [2003] NSWSC 1107 R v Australian Broadcasting Tribunal; ex parte Hardiman (1980) 29 ALR 289 Sabag v Health Care Complaints Commission [2001] NSWCA 411 TarsonPty Limited v Holt (1991) 25 ALD 730 Anaconda 18 [2003]ATP 18 PICA [2003] ATP 36 Sirtex [2003] ATP 22 Taipan 06 [2000] ATP 15
Case Details
Citation[2003] ATP 42
CourtTakeovers Panel
JurisdictionCommonwealth
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