The Takeovers Panel notes the decision of the Full Court of the Federal Court in Australian Pipeline Limited v Alinta Limited [2007] FCAFC 55 which was handed down on Friday 20 April 2007.

The Takeovers Panel has today published its reasons for its decision in relation to an application from the Australian International Pilots Association in relation to an off-market takeover bid for Qantas Airways Limited by Airline Partners Australia Limited (see TP07/08). Details of the Panel's decision were announced on 20 March 2007 in Panel media release TP07/10.

The Takeovers Panel advises that it received an application last night from Louis Dreyfus Cotton International NV (Louis Dreyfus), a company incorporated in Belgium and a substantial holder of shares in Queensland Cotton Holdings Limited (Queensland Cotton), in relation to the affairs of Queensland Cotton (Application). Queensland Cotton is currently also the subject of a takeover bid by Olam International Limited (Olam), a company incorporated in Singapore, for all the shares in Queensland Cotton. Olam and Queensland Cotton announced the proposed bid on 7 March 2007. Olam lodged its bidder's statement on 30 March 2007 and Queensland Cotton lodged its target's statement on 3 April 2007.

The Takeovers Panel advises that following additional disclosure, and some changes to the lock-up agreement, it has decided not to commence proceedings in relation to an application from Lionsgate Australia Pty Ltd, a wholly owned subsidiary of Lions Gate Entertainment Inc. in relation to the affairs of Magna Pacific (Holdings) Limited (see TP07/14). Lionsgate is currently making an off-market, cash takeover bid for Magna Pacific. The Panel has previously received an application in relation to Lionsgate's Bidder's Statement from Magna Pacific (Magna Pacific 01 see TP07/07 and TP07/11).

The Takeovers Panel advises that it has received an application on 12 April 2007 from Lionsgate Australia Pty Ltd , in relation to Magna Pacific (Holdings) Limited's target's statement in response to an off-market, cash takeover bid for Magna Pacific by Lionsgate. The Panel has previously received applications in relation to Lionsgate's bidder's statement (Magna Pacific 01 see TP07/07) and announcements by Magna Pacific concerning a proposed scheme of arrangement with destra Corporation Ltd (Magna Pacific 02 see TP07/14 and TP07/16).

The Takeovers Panel advises that it received an application on Thursday 5 April 2007 from Lionsgate Australia Pty Ltd, a wholly owned subsidiary of Lions Gate Entertainment Inc (Lionsgate), in relation to Lionsgate's off-market, cash takeover bid for Magna Pacific (Holdings) Limited (Magna Pacific).

The Takeovers Panel advises that it has today received an application (Application) from Arrow Taxi Services Limited (Arrow), an unlisted public company, in relation to a proposed takeover bid by Kangaroo Petroleum Co. Pty Limited (KPC), a proprietary company, for Arrow (Bid). KPC is described as a company wholly owned and operated by the El Fahkri family.

The Takeovers Panel welcomed the Treasurer's announcement of the reappointment of twelve members and the appointment of eight new members to the Panel today.

The Takeovers Panel advises that it has made a final decision in relation to the application from Magna Pacific (Holdings) Limited (Magna Pacific), concerning an off-market, cash takeover bid for Magna Pacific by Lionsgate Australia Pty Ltd (Lionsgate).