The Australian Government's Takeovers Panel has withdrawn FBR (ASX:FBR) shareholder Bob Cies's application, seeking interim orders to defer the company's extraordinary general meeting, which was scheduled to be held on May 6, according to a Wednesday filing with the Australian bourse.
The Panel confirmed that it was satisfied that permitting the applicant to withdraw his application was not contrary to the public interest.
Since the Panel had not yet decided whether to proceed with the case, it stated that it would not publish reasons for the withdrawal.
Shares of the company fell 8% in recent Wednesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.