BreakFree Limited 03 and 04 - Panel Publishes Reasons

Release number


The Takeovers Panel has today published the combined reasons for the decisions of the Panel in the proceedings (the Proceedings) relating to BreakFree Limited (BreakFree) known as BreakFree 03 and BreakFree 04.

The BreakFree 03 Proceedings arose from an application made on 12 September 2003 by BreakFree seeking to restrain the dispatch of a bidder’s statement for the off-market scrip takeover bid announced by S8 Limited (S8) for all of the issued ordinary shares in BreakFree. The BreakFree 04 Proceedings arose from BreakFree’s application made on 10 October 2003 which alleged that S8’s announced ‘withdrawal’ of that bid was unlawful and constituted unacceptable circumstances.

The Proceedings concluded when the sitting Panel made a declaration of unacceptable circumstances in the BreakFree 04 Proceedings and decided not to make any further orders, thus rendering the BreakFree 03 Proceedings theoretical. These steps were the subject of Media Releases TP 03/106 and TP 03/113.

The Panel was Kathleen Farrell (sitting President), Peter Cameron and Meredith Hellicar.

The reasons of the Initial Panel in the Proceedings are available on the Decisions section of the Panel’s website.

The earlier Panel media releases mentioned in this media release are available on the Media Release section of the Panel’s website.

George Durbridge
Director, Takeovers Panel
Level 47, Nauru House
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3553