Prudential Investment Co of Australia Ltd

Judgment date: 20/10/2003
Court: ATP
Judge: Andrew Knox (P), Karen Wood (DP) and Elizabeth Alexander
Citation: (2003) 49 ACSR 147; (2004) 22 ACLC 407; [2003] ATP 36; [2004] ACL Rep 120 FC 52; BC200308509;
Catchwords: Corporations;  Takeovers;  Review of ASIC decision to refuse relief;  Joint bid;  

Corporations;  Takeovers;  Later modification granted to exclude shareholders created by share-splitting;  Further modification refused on ground that market had traded on assumption that condition non-waivable and operated on number of shareholders;  

Corporations;  Takeovers;  Relief;  Condition of relief that bid be subject to non-waivable condition that majority of shareholders accept bid;  

Corporations;  Takeovers;  Abandoned parcels;  Breadth of ASIC power under (CTH) Corporations Act 2001 s 655A;  

Corporations;  Takeovers;  Market knowledge;  Market integrity;  

Corporations;  Takeovers;  Conditions;  Effect on non-waivable conditions imposed as condition of ASIC relief;  

Corporations;  Takeovers;  Basis for decision;  Appropriate relief;