Takeovers Panel restricts Cosette from running down the clock on Mayne Pharma acquisition
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More news: The Takeovers Panel has issued interim orders to prevent Cosette from escaping its deal to acquire Mayne Pharma by exceeding the end date of the scheme of implementation without panel approval.
The panel has also extended the end date of Cosette Pharmaceuticals’ proposed acquisition of Mayne Pharma from 20 November to 24 November.
Mayne has not secured the interim orders it requested regarding its participation in a meeting between Cosette and the Foreign Investment Review Board or that Cosette seek feedback from the Treasury.
Mayne Pharma enters trading halt ahead of Cosette acquisition announcement
The news: Mayne Pharma has entered a trading halt ahead of a “material announcement” relating to its deal to be acquired by Cosette Pharmaceuticals, which the US-based private equity-backed suitor has been trying to get out of for months.
The context: Mayne will remain in a trading halt “pending the release of a material announcement in relation to the proposed acquisition by Cosette by way of scheme of arrangement”. If the announcement is not made by 18 November it will resume trading.
On Thursday evening, the Foreign Investment Review Board (FIRB) unilaterally pushed back its deadline to make a decision on the takeover from 14 November to 17 November. As it stands, the scheme’s end date is 20 November.
Treasurer Jim Chalmers has the final say on whether to block the deal and previously issued a preliminary decision that he would block the deal amid fears that Cosette would close the Mayne’s flagship manufacturing facility in Salisbury, South Australia if the deal goes through.
Cosette’s previous attempts to terminate the deal were blocked by the NSW Supreme Court but Mayne said on Monday that Cosette had lodged its intention to commence appeal proceedings on or before 15 January 2026.
