The corporate adjudicator, the Takeovers Panel, has declined to look into construction giant CIMIC's claim that takeover target Macmahon Holdings' target statement was misleading and deceptive.
MIning services provider MacMahon is subject to a takeover bid from CIMIC which closes on March 9.
On March 1, 2017, Macmahon announced that it had entered into a heads of agreement with Indonseian miner Amman Mineral Nusa Tenggara (AMNT) for a proposed transaction that could give AMNT a stake of 44 per cent in Macmahon.
CIMIC submitted to the Takeovers Panel that Macmahon's target's statement and supplementary target's statement was misleading and deceptive in several respects including regarding prospective financial information about Macmahon, the AMNT proposed transaction and the independent expert's report.
The Takovers Panel says that considering Macmahon's overall disclosure, and CIMIC's confirmation before making the application to the panel that its takeover offer was final and would not be extended, the panel was satisfied that further disclosure by Macmahon was not required.
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"The panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances," the panel said in a statement on Tuesday.
"Accordingly, the panel declined to conduct proceedings."
CIMIC had sought orders from the panel for the reversal of or rights to rescind on-market purchases of Macmahon shares since the release of the target's statement, and orders for corrective disclosure.
Macmahon shares were steady at 15 cents on Tuesday.
CIMIC shares were 24 cents higher at $37.52.
