These are the Panel’s reasons for concluding proceedings without making a declaration of unacceptable circumstances or final orders. On the basis of the information before it in the proceedings, the Panel did not consider that the effect on the market for Anzon shares by acquisitions of Anzon shares by the parent company of Anzon, and Anzon’s announcement of a bonus offer of options during the offer period for Anzon’s takeover offer for Nexus, provided a sufficient basis for the Panel to make a declaration of unacceptable circumstances.