Mining services company Sedgman has asked the Takeovers Panel to stop construction giant CIMIC from buying any more of its shares.
Takeover target Sedgman has filed an application with the panel, seeking an interim order to stop CIMIC from increasing its voting power, and from processing any share acceptances from Sedgman shareholders.
It has also urged the panel to reverse all acceptances already effected by CIMIC.
CIMIC last week launched a $243 million takeover play for Brisbane-based Sedgman as part of efforts to strengthen its hold in the Australian market.
CIMIC, already Sedgman's largest shareholder, made an unconditional offer to buy the 63.01 per cent of Sedgman shares it did not already own, at a price of $1.07 each.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
On Tuesday, CIMIC said it had raised its holding to 38.4 per cent.
Sedgman has responded by unveiling a potential jump in its first half profit, and said it will announce a fully franked special dividend at the time of its half year results, as it tries to fend off a takeover.
It has urged its shareholders not to take any action on CIMIC's offer, as its board considers the merits of the takeover.
