Novus Petroleum Limited 02

[2004] ATP 9 (Takeovers Panel)

Takeovers Panel

Built by Barristers,
For Australian Law.

1. Competing bids - media reports outlining bidder’s intentions concerning bid price - alleged statement that bidder would decide whether to increase bid by specified date - failure by bidder to make announcement by specified date - truth in takeovers policy - “last and final statements” - potential to mislead the market - inefficient and uninformed market - Panel declining to commence proceedings
1. Corporations Act 2001 (Cth), section 602
1. Takeovers Panel Guidance Note 14 - “Financing Arrangements”
1. ASIC Policy Statement 25 “Takeovers: false and misleading statements”

Citation[2004] ATP 9

CourtTakeovers Panel

JurisdictionCommonwealth

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