AMP refers MacarthurCook to Takeovers Panel
AMP Capital Investors has taken a new tack in its takeover bid for MacarthurCook and has applied to the Takeovers Panel on the basis that MacarthurCook’s recent share transaction with IOOF constituted frustrating and unacceptable action.
In an announcement on the Australian Securities Exchange (ASX) today, The Takeovers Panel said AMP Capital had sought orders, including that MacarthurCook seek shareholder approval for the IOOF placement that, pending approval, IOOF not exercise any voting rights or be entitled to any dividend or other distribution and if shareholder approval is not obtained by August 14, the placement be cancelled and the proceeds paid back to IOOF.
The Takeovers Panel said that a sitting panel had not been appointed at this stage and no decision had been made on whether to conduct proceedings. It declined to make a comment on the merits of the AMP application.
The AMP approach to The Takeovers Panel follows suggestions from the ASX that the IOOF share transaction may have resulted in MacarthurCook having breached the listing rules.
AUTHOR
Mike Taylor
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