The Panel advises that it has today received an application from S.A. Liquor Distributors Limited (SALD) in relation to a takeover bid for that company by Australian Liquor Marketers Pty Ltd (ALM). The application seeks a declaration of unacceptable circumstances and interim and final orders in relation to alleged deficiencies in ALM's bidder's statement and an alleged contravention of the equality of opportunity principle.
SALD has submitted that ALM's disclosure in its bidder's statement is either inadequate or deficient in relation to its intentions regarding the future conduct of the business of the target and the defeating conditions of ALM's bid. SALD has also submitted that a customer share incentive scheme which is described in ALM's bidder's statement offends the equality of opportunity principle because a proportion of SALD shareholders would not be eligible to participate in the scheme.
SALD has sought orders restraining ALM from dispatching the bidder's statement to the shareholders of SALD.
The Panel notes that it has not yet considered the issues raised and makes no comment on the merits of the application. It also notes that it has not received submissions from the other parties to the application and it is, therefore, unaware of their views.
The President of the Panel will shortly appoint a sitting Panel to consider the application.
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501