Utterly ridiculous ruling. Guess will help the brokers and well connected investment funds as 7% of SXL will be sold to non-ARN holders, who'll then flick it to ARN again on market at a premium.
ARN will then claim on its advisers' M&A insurance for the loss incurred.
How does any of this lead to a fairer market for M&A in Australia exactly?
Ann: Update on Takeovers Panel Proceeding, page-2
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