MacarthurCook, which last week effectively rejected a takeover bid by AMP Capital, has today confirmed that it is facing action by the Australian Securities Exchange (ASX) over its recent share transaction with IOOF.
The IOOF transaction was viewed as having effectively stymied the AMP Capital bid.
In an announcement released on the ASX this morning, MacarthurCook said it had been informed by the ASX that the exchange considered there had been a breach of ASX Listing Rule 7.9 as a result of the issue of shares to IOOF.
It said that MacarthurCook disagreed with the ASX’s decision and would be appealing in the ASX Appeal Tribunal.
ASX Listing Rule 7.9 prohibits listed target companies from issuing shares within three months of notification of a bid for a company, except to the extent previously disclosed to the market.
