These are the Panel's reasons for making a declaration of unacceptable circumstances and orders requiring, amongst other things, additional disclosure in an off-market takeover bid for ordinary shares in Skywest Limited. The decision is a result of an application by CaptiveVision Capital Ltd for review of the Panel’s decision in the Skywest 03 proceedings. The proceedings in both cases concern the circumstances in which the bidder, CVC, obtained certain, non-public information concerning Skywest which it then failed to disclose in its bidder's statement.