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Australian Takeovers Panel says G8 Education bid for Affinity Education 'unacceptable'

( October 6, 2015, 09:05 GMT | Official Statement) -- MLex Summary: The Australian Takeovers Panel has made a declaration of unacceptable circumstances in relation to G8 Education Limited’s off-market scrip takeover bid for all the shares in Affinity Education Group. The panel noted that there are family or structural links between the chairperson of G8 and three other companies that had acquired Affinity shares and consequently accepted its shares into the scrip bid. It added that the circumstances surrounding the scrip bid led to the market not being efficient, competitive and informed, in contravention of provisions of the Corporations Act 2001. The Panel is still considering what final orders to make. The regulator's full statement is attached....

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