Cygnus Metals (ASX:CY5) said Australia's Takeovers Panel has declined to conduct proceedings on an application by Foboce and Natalie Obrart regarding Central Asia Metals' (CAML) proposed acquisition of the company via a scheme of arrangement, according to an Australian bourse filing on Monday after market hours.

The applicants claimed that the transaction included anti-competitive deal protection provisions, involved insider participation by the company's director Brent Omland, and failed to provide adequate disclosure about the Chibougamau Project, per the filing.

The Panel held that the deal protection provisions aligned with market practice, found insufficient evidence to pursue the insider participation allegations, and concluded that the disclosure concerns were premature because the scheme booklet remains under review by Australian Securities and Investments Commission and the Court, the filing said.

Cygnus Metals will establish an independent board sub-committee to assess any competing proposals, excluding Omland, in line with the Panel's guidance, the filing added.