The Takeover Panel ruling says..."the pre-bid stake was acquired in breach of s606".
This suggests dishonesty (i.e knew the law and ignored it) or incompetence (they didn't know the law).
I am sure the Takeovers Panel will provide more insight when they release their full explanation for the judgment.
But lets not forget how strongly worded the Takeover Panel's announcement was. As far as legal documents go, its pretty unequivocal in its judgment of the actions of DLS/AQO directors. And it is no small matter for a regulatory body to overturn market-based transactions. It would not be done lightly, or without firm legal basis, given how messy things could get if DLS appeal the decision successfully.
DLS Price at posting:
$1.59 Sentiment: Hold Disclosure: Not Held
AQO Price at posting:
35.5¢ Sentiment: Buy Disclosure: Held