Takeovers Panel issues interim order in Firestone takeover
JOHANNESBURG (miningweekly.com) – The Australian Takeovers Panel has issued an interim order to prevent ASX- and TSX-listed Firestone Energy and ASX-listed Waterberg Coal Company (WCC), previously Range River Gold, from further communicating with Firestone’s shareholders regarding WCC’s takeover offer.
Firestone on April 18 approached the Takeovers Panel to seek a declaration of unacceptable circumstances in respect of the hostile takeover offer made by WCC.
The panel on Monday announced the interim order, which would be upheld until the panel had resolved the application.
Further information disclosures to shareholders would only be allowed if the panel gave its consent or if this was required as part of continuous disclosure obligations.
WCC and its subsidiaries were also not allowed to make or initiate any changes to the composition of the Firestone board.
WCC was offering Firestone shareholders 1.25 of its own shares for every two Firestone shares held.
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