Macquarie Telecom has had a major setback in its bid to force the Bulletproof board to change its response to MacTel’s acquisition offer for the company.
The Canberra-based federal Takeovers Panel has ruled against a request by MacTel which sought to force Bulletproof to address what it claimed were “deficiencies” in its response to the acquisition offer.
MacTel claimed the board has failed to provide shareholders with the information they needed to properly assess the offer. But the Takeovers Panel said it was satisfied with the information Bulletproof’s board had provided to shareholders and would therefore decline MacTel’s request.
