The reasons for the initial panel's decision have also been...

The reasons for the initial panel's decision have also been published on the TOV website:
https://www.takeovers.gov.au/content/DisplayDoc.aspx?doc=reasons_for_decisions/2019/018.htm&pageID=&Year=

"the timing of the transactions, their size, and the fact that relevant decisions and negotiations were not at arm's length, and the poverty of the justifications offered for them, we are satisfied that the Foreign Currency Transactions and the variation to the Services Agreement are not explained merely by ordinary commercial considerations for Benjamin Hornigold."

Good to see TOV acknowledge that BHD was getting screwed over here and to call it out in this politically correct fashion. I still long for the day when a government department calls a pirate a pirate and just tells it like it is with regard to these clowns.