Ann: DLS: Second Supplementary Bidder's Statement, page-40

Hi Cabbie.

The Takeover Panel, at the behest of DLS, ordered, on 22nd June that:

1. Outback Shale Hunter Pty Ltd (a wholly owned subsidiary of Magnum Hunter
Resources Corporation) must not take any steps, or allow any steps to be taken,
to process any acceptances received under its bid for Ambassador until the
earliest of:
(a) further order of the Panel
(b) the determination of the proceedings and
(c) 2 months from the date of this interim order.

To my reckoning, following the Panel decision, (b) has been fulfilled. Meaning Ambassador can now release their bidders statement. Indeed, it would strike me as unfair to allow DLS to have their bidder statement out in the market and not Magnum. Pbnewby posts does however suggest that the takeover panel is holding things up. Just not sure as the exact reason.

Now, looking at the actual decision (28 july), the only constraints - time-wise - is that the directors (and other parties) have withdrawal rights from 14 days after release of DSL supplementary bidder's statement and, that DLS must keep offer open for 21 days at least. I would have thought that it would be unfair to stall Magnum's bidders statement as people choosing to withdraw their acceptances of the DLS offer would do so based on what Magnum is going to offer them. Perhaps the Takeover Panel will extend the 'withdrawal period.'

Anymore insight would be much appreciated.