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Panel Proves no Pushover in Grounding Skywest Bid.

Publication: Mondaq Business Briefing
Publication Date: 22-SEP-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
The question is sometimes asked whether the Takeovers Panel (Panel) is too pro-bid. Disappointed targets have been heard to complain that they have persuaded the Panel that disclosure was inadequate, only to have the Panel accept undertakings or make orders for additional disclosure, causing (at least in the target's perception) barely a ripple of inconvenience to the bidder.

In Skywest Limited 03, the Panel signalled loud and clear that there are limits to the ability of disclosure orders to cure deficiencies. The Panel will take a firm stance where required, and will not hold back from stopping a bid it its tracks where this is the only means the Panel sees as effective to remedy the unacceptable circumstances.

The facts

Suspicion was raised at the target, Skywest Limited, when shareholders reported that the bidder, CaptiveVision Capital Limited (CVC), had told them that Skywest's profit forecast would not be met--before Skywest's board was even told by...

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