googala,
The raid was in 2002 by Farook Khan’s Bigshop Ltd. Initially, Farook attempted to appoint 2 board members and after failing to do so offered an all script take-over.
24/09/2002 Becoming a substantial holder from BIG
28/10/2002 BIG's ann: Scrip Takeover Bid for Biota Holdings Limited
05/11/2002 BIG's ann: Status of Cash Condition to Bid for Biota Hldgs
07/11/2002 Bigshop Takeover Bid Withdrawn
It cost BTA close to nothing to defend the bid as it was withdrawn when the real cash situation was revealed.
Farook has a reputation as an opportunist in regard to seriously under performing management. Some of the companies that came into Farook’s sight included RFS (Reene Rivkin’s company) and SOF. From memory, he also attempted to get his appointee onto the CMQ board. Thus for any company to be in Farook’s sight is a serious indictment of extremely poor management and board.
googala,The raid was in 2002 by Farook Khan’s Bigshop Ltd....
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