Taurus acceptance of Finders offer cancelled
PERTH (miningweekly.com) – The Australian Takeovers Panel has made a declaration of unacceptable circumstances relating to the takeover of ASX-listed Finders Resources.
The Australian Securities and Investment Commission (Asic) at the end of March made an application to the Takeovers Panel asking that some acceptances of the takeover offer, made by Eastern Field Development, be cancelled.
Asic’s concern related primarily to the acceptance of shareholder Taurus Funds Management and two of Finders’ independent directors, who had all previously stated that they would not accept the takeover offer.
The Takeovers Panel on Thursday ordered that Taurus’ acceptance of the bid should be cancelled, and that Finders shareholders who had accepted the takeover offer on or after March 20 should be allowed to withdraw their acceptance.
The Takeovers Panel also prohibited Eastern Field from relaying on the Taurus acceptance, and any subsequently withdrawn acceptances, for the purposes of the creep exception.
The Panel noted in its consideration that as a result of the statements issued by Taurus, and its subsequent acceptance of the offer, the acquisition of control over Finders shares did not take place in an efficient, competitive and informed market.
The Taurus and independent shareholders held a near 12% combined shareholding in Finders.
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