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Australia's Takeovers Panel rules on 360 Capital-Asia Pacific Data Centre case

NEXTDC Ltd.'s application for Australia's Takeovers Panel to conduct proceedings in relation to 360 Capital Group's takeover of Asia Pacific Data Centre was denied.

On Oct. 10, NEXTDC said the terms of 360 Capital's bid for Asia Pacific involved a capital distribution proposal that would need shareholders approval, thus a need for a more detailed and corrective disclosure. It hoped the panel will issue orders that will nullify the shares tendered in relation to the takeover from Sept. 26 to until the corrective disclosure is sent out.

However, the panel said Oct. 16 that NEXTDC's concerns have been addressed, and it concluded there was no reasonable prospect for it to make a declaration of unacceptable circumstances. Therefore, proceedings are not necessary.

The panel added that NEXTDC's request for further disclosure on the capital distribution will result to "speculation on various matters" related to the deal, which would unlikely contribute to an informed market.

360 Capital's A$1.95-per-security bid for Asia Pacific Data Centre will close Nov. 6.