Yowie Group (ASX:YOW) and Keybridge Capital (ASX: KBC) said the Australian government's Takeovers Panel has issued interim orders barring Yowie from processing any acceptances under its current off-market takeover bid for Keybridge, according to a Thursday filing with the Australian bourse.
On June 18, Keybridge applied to the Takeovers Panel for interim orders to block Yowie from acquiring its shares and for final orders to withdraw Yowie's takeover bid.
The application alleges that Yowie's takeover of Keybridge was not occurring in an efficient, competitive, and informed market.
The orders will remain in effect until the earliest of further orders, resolution of the proceedings, or two months from issue, the filing said.
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.