Panel Publishes Reasons for Ordering Dispatch of Replacement Bidder's Statement to Bigshop Shareholders [22/10/2001] The Takeovers Panel

Monday, 22 October 2001

PANEL PUBLISHES REASONS FOR ORDERING DISPATCH OF REPLACEMENT BIDDER'S STATEMENT TO BIGSHOP SHAREHOLDERS

The Takeovers Panel (the Panel) advises that it has published the reasons for its decision to grant interim orders for the dispatch of the replacement bidder's statement of Fast Scout Limited (Fast Scout) in relation to its takeover offer for Bigshop.com.au Limited (Bigshop).

On 5 October 2001, Fast Scout applied under section 657C of the Corporations Act 2001 (the Act) for interim orders under section 657E of the Act allowing it to dispatch a replacement bidder's statement to shareholders of Bigshop. The form of the replacement bidder's statement was consented to by Bigshop. Bigshop, however, reserved the right to contest in its target's statement any information with which it did not agree. Fast Scout requested that the Panel direct the replacement bidder's statement be dispatched on 10 October 2001, and that Fast Scout not be required to dispatch any bidder's statement prior to that date.

The Panel made the interim orders to ensure that the Fast Scout bidder's statement was dispatched to Bigshop shareholders in a timely manner, and to ensure that Bigshop shareholders were given enough information to enable them to assess the merits of the proposed takeover.

The Panel made the following interim orders:

  • Fast Scout dispatch a replacement bidder's statement (which was substantially in the form of the draft provided to the Panel on 5 October 2001) to shareholders of Bigshop.com.au Limited not earlier than Wednesday 10 October 2001; and
  • Fast Scout was not required to dispatch any bidder's statement prior to Wednesday 10 October 2001.

The sitting Panel in this matter was:

Mr Brett Heading (sitting President);
Ms Meredith Hellicar (sitting Deputy President); and
Dr Tro Kortian.

The reasons are on the Panel's website at www.takeovers.gov.au.

Nigel Morris
Director, Corporations and Securities Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au