Business

Feb 21, 2008

Intriguing Allco takeover bid takes a turn

The intriguing takeover bid for Allco Equity Partners by Regent Street Installments Pty Ltd has taken a turn, with ASIC sending Regent Street executive director, the once-jailed Stephen Matthews, a letter rejecting the audacious bid, writes Adam Schwab.

The intriguing takeover bid for Allco Equity Partners by Regent Street Installments Pty Ltd has taken a turn, with ASIC sending Regent Street executive director, the once-jailed Stephen Matthews, a letter rejecting the audacious bid.

ASIC is threatening to run off to the Takeovers Panel to seek a declaration of unacceptable circumstances should its concerns not be addressed. ASIC’s objections pertain to Regent Street using the takeover provisions of the Corporations Act to effect a capital reduction and discriminating between those shareholders accept the bid and those who reject it (shareholders who accept the bid may receive 20 cents less per share those who don’t).

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