These are the Panel’s reasons for not commencing proceedings following the application by Lion Nathan Limited and Lion Nathan Australia Pty Limited (together “Lion Nathan”) for a declaration of unacceptable circumstances in relation to statements made by the Coopers Brewery Limited (“Coopers”) board regarding the proposed takeover offer by Lion Nathan Australia Pty Limited for Coopers and its recommendation that Coopers shareholders reject the offer.

These are the Panel’s reasons for the decision not to commence proceedings following the application by Patrick Corporation Limited for a declaration of unacceptable circumstances in relation to announcements by Toll Holdings Limited of a proposed takeover bid for Patrick.