"I completely agree. The fact that Hanlong was able to make a bid at all is ridiculous. ASIC should have intervened. If you don't actually need to have the money in order to make a takeover offer then I'm making a bid for Atlas Iron because it's a bargain at the moment."
ASIC is to blame for not closing this loophole in our Corporation Act but Sundance board is also to be questioned.
Here's a scenario - I run some 2 bit investment firm and launch a takeover AGO Atlas Iron via a highly conditional scheme of arrangement, I'll keep delaying keep delaying until I find someone to give me finance hopefully within the next 2 years.
You think the board of Atlas are stupid enough to agree? The only way the board agrees if they fail to do the proper due diligence on the acquirer (in Sundance's case - Hanlong).
IMO Sundance did just that.
"I completely agree. The fact that Hanlong was able to make a...
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