CSP00/010
The Takeovers Panel today announced that it had ordered Smorgon Distribution Ltd (Smorgon) to delay until 5.00 p.m. on 19 May the dispatch of the bidder's statement in relation to its offers for all of the ordinary shares in Email Ltd (Email). Amongst other things, Email had applied to the Panel for an interim order under section 657E of the Corporations Law (Law) for dispatch of the bidder's statement to be restrained.
The President of the sitting Panel, Dr Annabelle Bennett SC, said that after Email's submissions to the Panel, and a number of changes and undertakings offered by Smorgon in response to the Panel's discussions with Smorgon, the Panel had decided that it would not delay dispatch of the bidder's statement.
However, Email advised that it would seek a review of this decision, by a Review Panel under section 657EA of the Law. In order to protect Email's right of review, the Panel has ordered Smorgon not to post its offers before the close of business on Friday 19 May.
The Panel noted that not all of the issues in contention between Email and Smorgon have been resolved between the parties, nor decided upon by the Panel. The Panel also noted that it has not yet considered the issue raised by Email as to whether or not the consideration offered by Smorgon complies with subsection 621(3) of the Law.
The Panel said that it would move as quickly as possible to resolve all outstanding issues.
Nigel Morris
Director
Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
(03) 9655 3501
