Ann: Noni B Recommends Takeover Offer by Alceon Group, page-10

Business Spectator had this to report in today's Data Room:

Alceon’s proposed takeover of Noni B could still come undone at the seams, as a concerned investor mounts a covert challenge to the deal. Elsewhere, Singapore takes another bite out of Australia’s food industry, Glencore mines a new bond market, while Westfield and APN News and Media pursue their American dreams. A week after Noni B’s founders backed a takeover bid by Alceon Group, a powerful boutique investment firm has apparently moved to block the deal. Gannet Capital, backed by members of the billionaire Smorgon family, seized an 11 per cent stake in Noni B in a share raid on Tuesday evening, according to The Australian. Gannet chief executive Glenn Poswell told the newspaper Alceon’s 51-cents-a-share offer was too low, advocating for the struggling retailer to remain listed on the ASX and implement operational changes. More details could emerge after Gannet lodges a substantial shareholder notice -- expected later today.