Due to Unfulfilled Defeating Condition in Simon Gilbert Wines' Bid for Vincorp Wineries, the Panel Consents to Withdrawal of Undertakings and Dismisses Vincorp's Application [27/03/2001] The Takeovers Panel

Tuesday, 27 March 2001

Due to Unfulfilled Defeating Condition in Simon Gilbert Wines' Bid for Vincorp Wineries, the Panel Consents to Withdrawal of Undertakings and Dismisses Vincorp's Application

The Takeovers Panel yesterday dismissed the application made by Vincorp Wineries Limited on 28 February 2001 in relation to the takeover offer made for Vincorp by Simon Gilbert Wines Limited.

The Panel decided to dismiss the application following the announcement by Simon Gilbert Wines that a defeating condition of its bid would not be fulfilled and that all contracts and acceptances under the bid would therefore be void at the end of the offer period on 2 April 2001.

The Panel had indicated that it had reservations about the adequacy of the information provided to Vincorp's shareholders in Simon Gilbert Wines' bidder's statement. Following a Panel conference with the parties held on 20 February 2001, Simon Gilbert gave undertakings to the Panel to provide further information to Vincorp's shareholders in the form of a supplementary bidder's statement and to extend the close date for its bid.

Subsequently, Simon Gilbert Wines advised that it would rely on a defeating condition in its bid and would let the bid close on 2 April 2001 with this condition unfulfilled. On this basis, the Panel yesterday consented to the withdrawal of the undertakings by Simon Gilbert Wines.

Jenny Seabrook (President), Brett Heading (Deputy President) and Maxine Rich comprise the sitting Panel for this matter.

The Panel's reasons in relation to this matter will be posted on the Panel's website shortly.

Heidi Mitchell
Corporations and Securities Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3500
heidi.mitchell@takeovers.gov.au