The Panel has consented to the withdrawal of the application from Skywest Limited (Skywest) dated 11 June 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.
On 22 June 2004, Skywest requested the Panel’s consent to withdraw their application following negotiations between Skywest and CVC resulting in CVC providing an undertaking to Skywest which substantially provided Skywest with the relief sought in the application.
The Panel’s consent is based on the agreement between Skywest and CVC that:
- CVC undertake to Skywest that it will not seek to exercise either voting rights or powers of attorney attaching to acceptance shares (and will not seek to restrict an accepting shareholder from exercising those votes) without first declaring the offers free of all defeating conditions;
- Skywest seek to withdraw the application to the Panel; and
- Any communication to be made by Skywest on this issue be approved by CVC in advance (such approval not to be unreasonably withheld).
The Panel supports the conciliatory approach of the parties and commends their efforts in resolving the issues before the Panel made its decision whether to commence proceedings.
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553