A hearing over a legal challenge to building group Boral Ltd’s takeover bid for Adelaide Brighton Ltd has been delayed today as the parties are yet to finalise evidence. The Federal Court in Melbourne today granted an adjournment of the hearing of the Australian Competition and Consumer Commission’s (ACCC) proceedings against the proposed takeover. Boral said today the delay in the court action would mean that a resolution of the matter may not be achieved by the end of calendar 2004.
The ACCC launched the case against Boral on June 4, seeking an expedited hearing on August 30. However, Boral said parties had taken longer than expected to prepare the necessary industry evidence and obtain access to third party documents. They also said the ACCC had not yet finalised its evidence. "In these circumstances, it has not been possible for Boral to prepare its case effectively," the building supplier said.
Managing director Mark Chellew yesterday said the goal posts had shifted since Boral launched its takeover tilt and Adelaide Brighton would reconsider the offer once the court proceedings had finished.