The Takeovers Panel advises that it has today published the reasons for the Panel's decision to dismiss the application made by Vincorp Wineries Limited on 28 February 2001 in relation to the takeover offer made for Vincorp by Simon Gilbert Wines Limited.
On 26 March 2001, the Panel decided to dismiss the application following the announcement by Simon Gilbert Wines that a defeating condition of its bid would not be fulfilled and that all contracts and acceptances under the bid would therefore be void at the end of the offer period on 2 April 2001.
The Panel had indicated that it had reservations about the adequacy of the information provided to Vincorp's shareholders in Simon Gilbert Wines' bidder's statement. Following a Panel conference with the parties held on 20 March 2001, Simon Gilbert gave undertakings to the Panel to provide further information to Vincorp's shareholders in the form of a supplementary bidder's statement and to extend the close date for its bid.
Subsequently, Simon Gilbert Wines advised that it would rely on a defeating condition in its bid and would let the bid close on 2 April 2001 with this condition unfulfilled. On this basis, the Panel consented to the withdrawal of the undertakings by Simon Gilbert Wines on 26 March 2001.
The sitting Panel in this matter was comprised of Jenny Seabrook (Sitting President), Brett Heading (Sitting Deputy President) and Maxine Rich.
The sitting Panel's reasons are available on the Panel's website: www.takeovers.gov.au .
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501