Target’s statement and advertising - use of comparable transactions - valuations - lack of supporting information rendered use misleading - use of valuation methods - selection of comparable companies- whether independent expert required Target statement -use of forecasts of target’s earnings- whether misleading - identity of preparer and basis of preparation- role of financial adviser and accounting adviser- whether independent expert required. Target’s statement - role of experts Access to target information by bidder - advice concerning tax dispute with ATO
Corporations Act 2001 (Cth), sections 638(1) and (5)
ASIC Practice Note 43 ‘Valuation Reports and profit forecasts’ The City Code on takeovers and Mergers Rule 20.2
Ampolex Limited v Perpetual Trustee Company (Canberra) Limited (1996) 20 ACSR 637 Normandy Mining Ltd [2001] ATP 27
Case Details
Citation[2003] ATP 5
CourtTakeovers Panel
JurisdictionCommonwealth
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