Panel Publishes Reasons for Stopping Reliable's Bid in Pinnacle 4
The Takeovers Panel advises that it has published its reasons for a declaration of unacceptable circumstances and orders in relation to Reliable Power Inc's takeover bid for Pinnacle VRB Ltd announced on 22 January 2001 and made on 20 March. The Panel received the application on 15 March and announced its decision on 9 April.
Pinnacle said that Reliable's bidder's statement did not give sufficient information for Pinnacle shareholders to assess Reliable's bid, whether Reliable could pay for all the shares under the bid, and who would control Reliable after the bid.