The Takeovers Panel advises that today, it has received an application from Taipan Resources for a declaration of unacceptable circumstances in relation to Troy Resource's announcement of 13 December that it intends to allow its current, conditional bid for Taipan to lapse and to make another unconditional offer shortly.
Taipan is seeking a declaration of unacceptable circumstances, and both interim and final orders. The alternative orders that Taipan is seeking the Panel to make include:
- restraining Troy from bidding for Taipan;
- requiring Troy to bid for the enlarged Taipan post the merger with St Barbara Mines;
- restraining Troy from acquiring shares on market until Taipan shareholders have received the bidder's statement and the target's statement.
Taipan alleges that Taipan shareholders and St Barbara shareholders may be disadvantaged by the terms of Troy's proposed bid. Taipan says the interests of St Barbara shareholders should be taken into account because they should be described as contingent Taipan shareholders, pending the confirmation of the proposed merger of Taipan and St Barbara by scheme of arrangement.
The sitting Panel for this application is Professor Ian Ramsay (President), Peter Cameron and Trevor Rowe.
Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501