TP07/027
The Takeovers Panel advises that it has received an application today from Magna Pacific (Holdings) Limited, in relation to the affairs of Magna Pacific and an off‑market, cash takeover bid for Magna Pacific by Lionsgate Australia Pty Ltd, a wholly owned subsidiary of Lions Gate Entertainment Inc.
Magna Pacific's application relates to a letter sent by Lionsgate to Magna Pacific shareholders on 9 May 2007 (Letter). Magna Pacific submits that, in the context of the proposed scheme of arrangement between Magna Pacific and destra Corporation Ltd, certain of Lionsgate's assertions, including that its offer "remains the only offer capable of acceptance", constitute unacceptable circumstances.
Magna Pacific is seeking a declaration of unacceptable circumstances, interim orders freezing acceptances into Lionsgate's bid and final orders which include requiring Lionsgate to withdraw the Letter and to return acceptances (after obtaining appropriate ASIC relief) received from Magna Pacific shareholders after the date of the Letter.
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 other parties to the application and it is, therefore, unaware of their views.
The President of the Panel has appointed Susan Doyle, Braddon Jolley (sitting President) and Karen Wood as the sitting Panel to consider the application.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
