KWM advises Taurus: Australian Takeovers Panel issues revised orders

King & Wood Mallesons (KWM) have advised Taurus Funds Management, an 11% shareholder in ASX listed Finders Resources Limited, on the review of a landmark truth in takeovers decision by the Australian Takeovers panel. 
 
In a split 2:1 decision the Panel decided to overturn their original decision in April,  which held Taurus to its rejection statement - ordering that its acceptance be reversed and that the bidder could not accept into the bid or sell its shares at below the bid price until the conclusion of the bid period.
 
Following the overturn decision, Taurus will, amongst other things, be able to sell its shares into Eastern Field Developments 23¢-a-share offer under an option arrangement after November 30.  
 
The KWM team was led by Partners David Friedlander and Daniel Natale, supported by Senior Associate Mark Vanderneut.
 
Commenting on the matter, Daniel Natale said: "We were pleased to have advised and supported Taurus through this landmark Panel decision and to get them a result that we think was novel but fair in the circumstances."