KWM advises firm in landmark review of takeovers decision

A government office has overturned its decision to block the firm from selling shares

KWM advises firm in landmark review of takeovers decision

King & Wood Mallesons (KWM) have advised Taurus Funds Management on the review of a truth in takeovers decision by the Australian Takeovers Panel.

Taurus is an 11% shareholder in ASX-listed Finders Resources, a producer of low-cost copper cathode. On 6 June, the Panel voted 2-1 to overturn its April decision that Taurus had acted in an unacceptable manner when it accepted a takeover bid of Finders. “[T]he acquisition of control over Finders shares did not take place in an efficient, competitive and informed market,” the government office said back then.

The panel ordered in April that acceptance be reversed and that the bidder, Eastern Field Developments) could not accept into the bid or sell its shares at below the bid price until the conclusion of the bid period.

In its latest decision, the panel considered that the “unusual facts” of the case left considerable room for reasonable minds to differ on the interaction and effects of the unacceptable circumstances and the application to them of "truth in takeovers" principles.

Following the latest decision, Taurus can now sell its shares for Eastern Field Developments’ 23¢-a-share offer under an option arrangement after November 30. 

The KWM team was led by partners David Friedlander and Daniel Natale, supported by senior associate Mark Vanderneut.

“We were pleased to have advised and supported Taurus through this landmark panel decision and to get them a result that we think was novel but fair in the circumstances,” Natale said.


Recent articles & video

Columbia Law Review website taken down amid controversy over editorial process

Lawyers challenge US$ 78 million fee award in T-Mobile data breach settlement

Backlog of 80,000 cases at India's Supreme Court impedes justice: International Bar Association

Lucky seven promoted to partner at Lander & Rogers

CBP adds three to insurance partnership

JWS helps MM Capital Partners fund with PPP project stake pickup

Most Read Articles

First-ever cohort of the best dealmakers in Australia and New Zealand unveiled

Four join Corrs partnership in promotions round

Federal Court rules against cosmetics company for misleading conduct and trademark infringement

Baker McKenzie brings victory for Garuda Airlines in High Court