Just Group Limited – Undertaking

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The Takeovers Panel has accepted an undertaking from Premier Investments Limited in relation to the application dated 24 July 2008 (see TP08/80) by Just Group Limited in relation to its affairs. Just Group is the subject of an off-market takeover bid by Premier.

Premier has undertaken only to dispatch its third supplementary bidder's statement to Just Group shareholders if at the same time it dispatched a letter to Just Group shareholders which included disclosure clarifying issues raised by Just Group in the application concerning the implied value of the Premier offer. The Panel understands that the letter and the third supplementary bidder's statement has been dispatched to Just Group shareholders.

Just Group had sought an interim order restraining the dispatch of the third supplementary bidder's statement, pending the final determination of the application.

On the basis of the undertaking, the Panel considered it did not need to make the interim order sought.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.

Allan Bulman
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3597