good article afr - asic complaint

Good article in Fin review today which confirms what alot of us have been inferring about the stupid takeover bid. Can't copy & paste because of copyright but some intersesting quotes:

"“We had a lot of shareholders, especially those in the UK, calling and saying ‘this is rubbish, they’d never get away with that here’.”

"Discovery shares, which were trading at around $1.30 each before the bid, tumbled below $1 as a result.
Speaking for the first time since the bid was pulled, Mr Galt on Tuesday said that the initial bidder’s statement included several self-defeating clauses that went against Australian takeover law and gave Cathay Fortune an easy out."

“This is typically what these Chinese bidders do. They come in, they float a number, they give themselves lots of outs,” Mr Galt said.

“It’s just a device and I don’t know how or why their lawyers let them get away with it.”