TP05/014
The Takeovers Panel (Panel) advises that it has received an application dated 28 January 2005 from Southcorp Limited (Southcorp) in relation to the takeover offer by Beringer Blass Wines Pty Limited (Beringer) (a wholly owned subsidiary of Foster's Group Limited (Foster's)) for all of the shares in Southcorp. The terms of Foster's offer are set out in the bidder's statement dated 18 January 2005.
Southcorp's application alleges that there are a number of material misstatements and omissions in the bidder's statement and seeks an amendment to the terms of Foster's offer.
Southcorp has sought a declaration of unacceptable circumstances under section 657A of the Corporations Act 2001 (Cth), interim and final orders restraining dispatch of the bidder's statement, and further final orders requiring amendments to the bidder's statement and the terms of the offer.
The Panel has not decided whether to conduct proceedings in relation to the application and makes no comment on the merits of the application. It also notes that it has not received submissions from the others parties to the application and it is, therefore, unaware of their views.
The President of the Panel is appointing a sitting Panel to consider the application.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
