Panel Publishes Reasons for Declining Taipan Application Concerning Second Troy Bid

The Takeovers Panel advises that it has published its reasons for declining an application from Taipan Resources for a declaration of unacceptable circumstances in relation to Troy Resources' announcement of 13 December. Troy had announced that it intended to allow its previous bid for Taipan to lapse and to make another offer that was not conditional on the merger between St Barbara and Taipan not proceeding. It's previous bid contained this condition. The Panel received the application on 13 December 2000 and announced its decision on 22 December 2001.