https://www.miningweekly.com

Taurus acceptance of Finders offer cancelled

26th April 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

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The Takeovers Panel also prohibited Eastern Field from relaying on the Taurus acceptance, and any subsequently withdrawn acceptances, for the purposes of the creep exception.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.

Edited by Creamer Media Reporter

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.148 0.182s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: