TP04/045
The Takeovers Panel has today published the reasons for its decision in relation to the application (the Application) from Skywest Limited (Skywest) dated 7 May 2004 alleging unacceptable circumstances in relation to the off-market takeover bid by CaptiveVision Capital Limited (CVC) for all the fully paid ordinary shares in Skywest (the Bid).
The Application alleged numerous unacceptable circumstances arising from the terms of the Bid and the disclosures contained in CVC’s bidder’s statement, particularly in relation to its financing arrangements for the Bid.
The Panel accepted undertakings from CVC to finalise its financing arrangements and to prepare a supplementary bidder’s statement. Following a review by the Panel of the revised disclosure in CVC’s supplementary bidder’s statement, CVC lodged the supplementary bidder’s statement and commenced dispatch of a replacement bidder’s statement under ASIC Class Order 00/344 to Skywest shareholders on 1 June 2004.
Given the manner in which CVC sought to address the issues raised in the Application, and having regard to the undertakings provided by CVC and the revised disclosures made in the replacement bidder’s statement, the Panel concluded the proceeding on the basis that it was not necessary or appropriate to make a declaration of unacceptable circumstances and that no order was required. Details of the Panel’s decision were announced on 1 June 2004 in Panel media release TP04/43, available on the Panel’s website at: Media Releases.
The Panel was Alison Lansley, Brett Heading and Carol Buys.
The reasons of the Panel are available on the Panel’s website at: Decisions.
George Durbridge
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553
george.durbridge@takeovers.gov.au
