By PAUL PANCKHURST
Some pairings are just meant to be.
Starsky and Hutch, Donny and Marie, Batman and Robin ... Guinness Peat Group and legal action.
The corporate raider had already taken the Takeovers Panel to the High Court, seeking a judicial review of the terms of an exemption from the Takeovers
Code.
Yesterday, the panel announced it would meet next Thursday to make a "final decision" on whether GPG should get a wider exemption.
The reaction from GPG director Tony Gibbs?
To seek some more legal advice - "as to whether such a meeting is legitimate or otherwise".
The tussle with the panel is over what happens if GPG, as the underwriter of Tower's $210 million capital raising, is pushed over a 20 per cent shareholding and into the so-called no-fly zone of takeovers law.
The narrow exemption gives GPG a maximum of one month - it could be less - to sell any shares held in excess of 20 per cent.
GPG believes it is entitled to six months under a provision that relates to companies whose "ordinary business includes entering into bona fide underwriting or subunderwriting contracts".
The panel will meet at the Metropolis Hotel to decide whether GPG is right.
Tower rights ceased trading in New Zealand yesterday and acceptances are due by 3pm on Tuesday.
