BreakFree Ltd 04 (R)

Judgment date: 24/12/2003
Court: ATP
Judge: David Gonski, Kevin McCann and Robyn Ahern
Citation: (2004) 22 ACLC 1165; [2003] ATP 42; [2004] ACL Rep 120 FC 102; BC200308610;
Catchwords: Corporations;  Takeovers;  Nature of review;  Powers of review panel;  

Corporations;  Takeovers;  Whether declaration of unacceptable circumstances made 'on an application';  Statement by target to effect that defeating condition in bid would not be satisfied;  

Corporations;  Takeovers;  Minimum acceptance conditions;  Announcement that bidder would not proceed with scrip takeover bid prior to dispatch of offers;  

Corporations;  Takeovers;  Announcement of alternative cash takeover bid;  Delay by bidder in making announcement;  

Corporations;  Takeovers;  Potential to mislead market;  Truth in takeovers policy;  

Corporations;  Takeovers;  Reliance on third party statements;  Unreasonable to rely on statements concerning results of shareholder survey;  

Corporations;  Takeovers;  Declaration of unacceptable circumstances;  Decision not to order dispatch of bidder's statement for scrip takeover bid;  

Corporations;  Takeovers;  Prominent statements;  Content of bidder's statement;