THE Takeover Panel has taken less than 24 hours to reject the Prime Retirement and Aged Care Property Trust latest application to throw out the Lend Lease and Babcock & Brown Communities Group deal.
Earlier this week, Australian Property Custodian Holdings Limited as the responsible entity of PTN sought a declaration that the decision of the BBC independent directors not to regard the trust’s proposal as superior compared to Lend Lease, constituted unacceptable circumstances.
PTN had earlier asked the independent directors of BBC to form the opinion that its bid was a superior proposal to the Lend Lease Proposal.
And BBC wrote to PTN informing them the independent directors do not think the 40% proportional script for script takeover bid represent a superior proposal.
The Takeovers Panel early yesterday decided to make no orders.
According to the peer review body, the question of what is a superior proposal in this case, is a matter for the independent directors of BBC, not the Panel.
“In any event, there was no material before us to suggest that the independent directors had not discharged their duties, and indeed there was material to suggest that they had considered a range of factors.
“Prime did not ask us to make an application to the Court under s201A(3) of the ASIC Act. Even if it had, we would not have accepted such a submission, on the evidence provided,” the Takeover Panel said.
Australian Property Journal
