Panel declines GPG Forests Limited's request

20 September 2002

The Takeovers Panel has declined a request from GPG Forests Limited to hold a meeting under section 32 of the Takeovers Act relating to certain actions taken by Rubicon Limited with respect to GPG's prospective amended takeover offer for Rubicon.

The Panel met today and considers that Rubicon had not taken or permitted any action that could, in terms of rule 38 of the Takeovers Code:

  • effectively result in GPG's prospective offer being frustrated; or
  • deny the holders of Rubicon's equity securities an opportunity to decide on the merits of GPG's prospective offer.