The Panel advises that it has today determined to commence proceedings in response to the 30 December 2002 application from Goodman Fielder Ltd (Goodman Fielder) in relation to the takeover bid for Goodman Fielder by BPC1 Pty Ltd (Burns Philp) (a subsidiary of Burns, Philp & Company Ltd).
Goodman Fielder's application seeks a declaration of unacceptable circumstances, interim orders restraining the dispatch of the Burns Philp bidder's statement until the Panel has finally determined the application, and final orders in relation to various conditions proposed to be in the Burns Philp bid.
The Panel yesterday declined Goodman Fielder's application for an interim order.
The Panel has been attempting to reach conclusion of the application by way of undertakings, without commencing proceedings. That process has not been possible.
The Panel has today commenced proceedings.
The President of the Panel has appointed Ilana Atlas, Michael Tilley and Marian Micalizzi to be the Sitting Panel to consider the application.
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501