Takeovers Panel denies Fortescue plea
PERTH (miningweekly.com) – The Australian Takeovers Panel has declined to conduct proceedings against takeover target Atlas Iron.
Iron-ore miner Fortescue Metals in June applied to the Takeovers Panel in a bid to stop Gina Rinehart’s Hancock Prospecting from gaining a greater stake in Atlas.
Fortescue told the Takeover Panel that Hancock’s bidder statement contained misleading statements and material omissions regarding the company’s intentions in relation to the Atlas business, assets and employees.
Fortescue claimed that the bidders statement also contained material omissions regarding the implications of Hancock’s takeover bid for Atlas’ term loan B facility, and its intention toward repaying this facility.
Fortescue told the Takeovers Panel that the combined operation of the identified misleading statements and omissions, and the structure of the Hancock bid had a coercive effect on Atlas shareholders to accept the bid.
The Takeovers Panel on Monday said that following discussions with Hancock and the Australian Securities and Investment Commission, Hancock has agreed to incorporate disclosures from its supplementary bidder’s statement in a replacement bidder’s statement and would clarify the operation of the bid’s conditions.
Given this, the Panel has concluded that there was no prospect to make a declaration of unacceptable circumstances.
Atlas at the end of June recommended Hancock’s 4.2c a share in cash for each Atlas share held.
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