Great Southern takeover cleared: Dismissal of rival bidder's objections leaves way clear for SCI
Loewen, which was asked by Great Southern last week to act as a white knight, argued that SCI should not have been allowed to raise its offer from 680p because that bid had been declared final.
It also argued that a competitive situation had not arisen because no rival offer had been tabled.
The panel ruled that the announcement that Great Southern was in talks with a third party constituted a competitive situation. It also accepted that the omission of a crucial qualification to SCI's final offer should not invalidate the increased bid.
In a Stock Exchange announcement after the raising of SCI's original bid from 600p to 680p, the qualification that the Texan group could come back with a higher offer if a competitive situation emerged was left out, although it later appeared in the official offer document.
The panel gave weight to the fact that SCI agreed to compensate shareholders who accepted the 680p offer on the assumption that no increase would be possible.
It is understood that SCI's advisers, the merchant bank Schroders and the law firm Linklaters & Paines, will pay the estimated pounds 3.7m of compensation.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...