A statement from Takeovers Panel Chief Executive Margaret Bearsley says the Panel has declined a formal request from Bapcor Finance Ltd to convene a meeting under section 32(1) of the Takeovers Act 1993.

The meeting was requested to consider allegations of misleading or deceptive conduct by Hellaby Holdings Limited and Grant Samuel & Associates in relation to the takeover offer by Bapcor for Hellaby.

"The Panel met on 14 and 15 November and, on the basis of the information available to the Panel, including the information in Bapcor’s request and the preliminary submissions of Hellaby and Grant Samuel, the Panel considered that there was no reasonable possibility that either Hellaby or Grant Samuel acted in a manner inconsistent with rule 64 of the Takeovers Code (which prohibits misleading or deceptive conduct) in respect of the allegations made," she says.

"On that basis, the Panel has decided not to convene a meeting under section 32(1) of the Takeovers Act 1993."