The Takeovers Panel advises that it has published its reasons for declining an application from Taipan Resources for a declaration of unacceptable circumstances in relation to Troy Resources' announcement of 13 December. Troy had announced that it intended to allow its previous bid for Taipan to lapse and to make another offer that was not conditional on the merger between St Barbara and Taipan not proceeding. It's previous bid contained this condition. The Panel received the application on 13 December 2000 and announced its decision on 22 December 2001.
Taipan applied to the Panel to restrain Troy from bidding for Taipan, or to restrain Troy from acquiring shares on market until Taipan shareholders had received the bidder's statement and the target's statement, or to require Troy to bid for the enlarged Taipan post the merger with St Barbara Mines.
The Panel did not consider that it was given sufficient evidence to conclude that there was any material risk that either Taipan or St Barbara shareholders would be unfairly disadvantaged by the terms of, or the making of, Troy's proposed bid. The Panel noted that there will be other circumstances where a change of intention may cause shareholders and the market harm, and in those cases it will prevent parties from avoiding their stated intentions.
The sitting Panel for this application was Professor Ian Ramsay (President), Peter Cameron and Trevor Rowe.
The reasons are available at the Takeovers Panel's website.
Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501