I note case law that may have supported a compulsion to obtain...

I note case law that may have supported a compulsion to obtain an expert report:

https://www.takeovers.gov.au/conten..._for_decisions/2003/022.htm&pageID=&Year=2003

The takeovers panel has made a number of practical decisions to ensure fairness in takeovers. Perhaps that would have been a useful avenue rather than complaints to ASIC? Unfortunately an avenue with some but not excessive cost. ASIC could have taken the matter to the takeovers panel themselves, I wonder why they didn't?

Anyone wishing to research more thoroughly rulings around takeovers may like to read the takeovers panel index of reasons:
https://www.takeovers.gov.au/content/index_of_reasons/default.aspx