Takeovers Panel Responds to Mainfreight's Complaint

12 September 2003

The Takeovers Panel has received a complaint on behalf of Mainfreight Limited. The complaint relates to Owens Group Limited's response to Mainfreight's takeover offer of 15 August 2003.

The complaint alleged that, in order to comply with rule 18 of the Takeovers Code, certain financial disclosures should have been made in the target company statement issued by Owens.

The Panel obtained comments from Owens on Mainfreight's allegations.

The Panel considered Mainfreight's complaint and Owens' response at a meeting held today.

On the basis of the information before it the Panel decided to take no further action in relation to the complaint.

The Panel reserves the right to reconsider the issues raised in the complaint.