The Takeovers Panel today advised that it has received a second application for a declaration of unacceptable circumstances in relation to the affairs of Brickworks Ltd. The application is by Brickworks and it is for a declaration in relation to:
- the affairs of Brickworks,
- the affairs of GPG (No 4) Pty Ltd (GPG) and/or
- the takeover offer by GPG.
Brickworks has also applied for orders under section 657D of the Corporations Law directing GPG to withdraw its offer, for at least twelve months. In the alternative, Brickworks is seeking orders that GPG provide further information to Brickworks' shareholders and that the Guinness Peat Group plc. convene a meeting of its shareholders to approve the GPG bid. The additional information Brickworks seeks GPG to disclose includes:
- Taxation consequences for Brickworks' shareholders of accepting GPG's bid
- Information about the shares in Soul Pattinson that GPG is offering as consideration for its bid
- Information about the effect on Soul Pattinson shares of the distribution of Soul Pattinson shares proposed under GPG's bid
- Why GPG's offer is in the best interests of Brickworks and its shareholders
- To the satisfaction of the Panel, how GPG proposes to deliver the consideration it is offering to Brickworks shareholders
The President of the Panel Mr. Simon McKeon has appointed Mr Les Taylor, Ms Marian Micalizzi and Ms Louise McBride to sit on this application. These members sat on the first application in relation to Brickworks. Mr Taylor will be the sitting President for this application.
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street, Melbourne
(03) 9655 3501