TP07/067
The Takeovers Panel advises that it has made final orders in relation to an application from CEMEX Australia Pty Ltd dated 16 July 2007, for a review of the decision made by the initial Panel in the Rinker Group Limited 02 proceedings (see TP07/49).
The orders follow the review Panel's decision on 13 August 2007 to make a declaration of unacceptable circumstances (see TP07/57).
While the Orders supersede those made by the initial Panel, their overall effect is similar. The review Panel also considered it was appropriate to order CEMEX to pay $0.25 per Rinker share (net of any acquisitions) to shareholders who sold Rinker shares during the relevant period otherwise than into CEMEX's bid.
It has taken time to settle the final orders because of the need for detailed discussions with the parties1 as to the extensive mechanics of the orders.
The date of the orders is expressed to be 5 business days after the parties are provided with the final reasons of the review Panel. As this will occur later today, the effective date of the Orders will be 27 September 2007.
Alan Shaw
Counsel, Takeovers Panel
Level 47, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3535
alan.shaw@takeovers.gov.au
1 CEMEX participated but reserved its rights.
