Prime Finance takeover inquiry

The Takeovers Panel meets next Wednesday to determine whether Allied Farmers' proposed takeover offer for Prime Finance complies with the Takeovers Code.

Allied Farmers said on April 10 it intended to conditionally bid for the shares in Prime Finance it did not already own.

The panel said yesterday it considered the condition of offer requiring Allied Farmers' shareholder approval of the bid might not comply with the code.

The panel has made an interim restraining order under the Takeovers Act against Allied's bid.