Rinker Group Limited 02R - Further Stay of Panel's Orders
On 21 November 2008, the Federal Court granted a stay by consent of the Panel's orders in Rinker 02R.
Babcock & Brown Communities Group 02 - Panel Declines to Conduct Proceedings and Publishes Reasons
The Panel has declined to conduct proceedings on an application dated 18 November 2008 from Australian Property Custodian Holdings Limited as responsible entity of The Prime Retirement and Aged Care Property Trust in relation to the affairs of Babcock & Brown Communities Group,1 which is the subject of a 40% proportional takeover bid by Prime Retirement (see TP08/105).
Babcock & Brown Communities Group 02
The Panel, Hamish Douglass, Andrew Lumsden (sitting President) and Robert Sultan, declined to conduct proceedings on an application from Prime concerning the affairs of BBC. The Panel did not consider there was a reasonable likelihood of finding unacceptable circumstances as it was for the independent directors of BBC, not the Panel, to determine what constituted a superior proposal.
Babcock & Brown Communities Group 02 - Panel Receives Application
The Takeovers Panel has received an application from Australian Property Custodian Holdings Limited as responsible entity of The Prime Retirement and Aged Care Property Trust in relation to the affairs of Babcock & Brown Communities Group, which is the subject of a 40% proportional takeover bid by Prime Retirement.
Rinker Group Limited 02R - Appeal to Full Federal Court
The Takeovers Panel has been served with a Federal Court appeal from the decision of Justice Stone dated 11 November 2008. On 23 October 2008 Stone J dismissed the application for review made by CEMEX against the Panel's declaration of unacceptable circumstances and orders in the matter of Rinker Group Limited 02R [2007] ATP 19.
MYOB Limited - Panel Makes Interim Orders
The Panel has decided to conduct proceedings in relation to one of the issues raised in the application by MYOB Limited dated 10 November 2008 in relation to its affairs. That issue concerns whether Guinness Peat Group Australia, Colonial First State Global Asset Management Australian Equities - Growth Team, Octavian Special Master Fund LP, and Schroders Investment Management (collectively, the Shareholders) committed to Manhattan to accept its bid before it is made so as to give rise to unacceptable circumstances.
Babcock & Brown Communities Group - Panel Publishes Reasons
The Takeovers Panel today published the reasons for its decision on an application dated 10 October 2008 from Australian Property Custodian Holdings Limited as responsible entity of The Prime Retirement and Aged Care Property Trust, in relation to the affairs of Babcock & Brown Communities Group.
Babcock & Brown Communities Group
The Panel, Hamish Douglass, Andrew Lumsden (sitting President) and Robert Sultan, declined to make a declaration of unacceptable circumstances on the basis that BBC and other parties agreed to provide an undertaking. They undertook to seek security holder approval before proceeding with stage 1 of the Lend Lease proposal if a superior proposal comes forward before 5.00 pm on 17 November 2008. This satisfied the preliminary primary concern the Panel expressed to the parties that entry into the Lend Lease proposal had a chilling effect on the auction for control of BBC.
MYOB Limited - Panel Receives Application
The Panel has received an application from MYOB Limited in relation to its affairs. MYOB is the subject of an off-market takeover bid by Manhattan Software Bidco Pty Limited.
Babcock & Brown Communities Group - Panel Decision
The Panel advises that it has decided not to make a declaration of unacceptable circumstances in response to an application dated 10 October 2008 from Australian Property Custodian Holdings Limited as responsible entity of The Prime Retirement and Aged Care Property Trust. The application concerned the proportional takeover offer for Babcock & Brown Communities Group by Prime and an Implementation Agreement between BBC and Lend Lease Corporation Limited dated 1 October 2008.