The Panel, Geoff Brunsdon, Teresa Handicott and Norman O'Bryan AM SC (sitting President), made a declaration of unacceptable circumstances because aspects of the Strategic Alliance MacarthurCook struck with IOOF, in particular the Placement, constituted frustrating action in relation to AMP's proposed takeover offer for MacarthurCook and had not been approved by MacarthurCook's shareholders.

The Panel, Elizabeth Alexander (sitting President), Andrew Lumsden and Robert Johanson, declined to conduct proceedings because there was no reasonable prospect that it would make a declaration of unacceptable circumstances. The circumstances complained of had been remedied by amending the share sale agreement and further disclosure in the bidder's statement.

The Panel, Graham Bradley (sitting President), Brett Heading and Alastair Lucas, made a declaration of unacceptable circumstances on the basis that the Harbinger entities failed to comply with s26 of FATA in acquiring Midwest shares over the limit requiring compulsory notification to the Treasurer. This put Sinosteel at an unfair competitive disadvantage in the contest for control of Midwest.