The Panel announced today that it has decided to grant interim orders in relation to an application by Fast Scout Limited (Fast Scout) in relation to the content and timing of dispatch of Fast Scout's bidder's statement in relation to its takeover offer for Bigshop.com.au Limited (Bigshop).
The Panel made the orders to ensure that the Fast Scout bidder's statement is dispatched to Bigshop shareholders in a timely manner, and also to ensure that Bigshop shareholders are given enough information to enable them to assess the merits of the proposed takeover.
Bigshop wrote to Fast Scout in a letter dated 21 September 2001 alleging certain deficiencies in Fast Scout's bidder's statement. Bigshop was concerned that the Bidder's Statement did not comply with the Corporations Act in a number of significant respects. The parties have subsequently reached agreement as to an appropriate level of disclosure in the bidder's statement, with the assistance of the Panel. Fast Scout has agreed to dispatch a replacement bidder's statement on Wednesday 10 October 2001.
Under section 657C, the Panel has made interim orders that Fast Scout dispatch a replacement bidder's statement (which is substantially in the form of the draft approved by the Panel) to shareholders of Bigshop not earlier than Wednesday 10 October 2001 and that Fast Scout is not required to dispatch any bidder's statement prior to that date.
The Panel adjourned the application until Thursday 11 October 2001 unless Fast Scout makes a further application prior to that date.
The sitting Panel in this matter is
Brett Heading (sitting President);
Ms Meredith Hellicar (sitting Deputy President); and
Mr Tro Kortian.
Director, Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501