It is important that visiting group leaders are able to manage exceptional and
unacceptable circumstances locally and the safeguards should be in place and viable for the group leaders to implement.
The Takeovers Panel has rejected an application by Tap Oil claiming its two biggest shareholders had become associated, with the panel refusing to make a declaration
of unacceptable circumstances.
«Notwithstanding this, the Panel has accepted undertakings from Saputo and Warrnambool and declined to make a declaration of
unacceptable circumstances.»
The panel said it was «strongly of the view that
unacceptable circumstances had occurred» after Saputo raised its bid to $ 9.20 a share, while at the same time WCB withdrew the payment of special dividends if the Canadian company's stake reached more than 50 per cent.
«Accordingly, the Panel was minded to make a declaration of
unacceptable circumstances.
«The Inquiry's chairman, Alistair Webster QC, is a clearly a man of integrity, and it is to his credit that he has refused to carry on under
these unacceptable circumstances.