Southern Lamb Investments shareholder Andrew Lowe has agreed to pay the difference between the price he paid for 28,312 shares in Blue Sky Meats prior to a $34.6 million takeover offer and the $3 offer price.
In March, Southern Lamb - owned by interests associated with Andrew Lowe and ScottO'Donnell - made an offer to acquire all of the shares in Blue Sky at $3 per share.
Prior to the offer being made, Lowe acquired 28,312 shares in three transactions on the USX market, a statement from the Takeovers Panel said.
At the time of those acquisitions, interests associated with Lowe controlled about 18 per cent of the voting rights in Blue Sky and interests associated with O'Donnell controlled about 17 per cent of the voting rights.
If Lowe was associated with O'Donnell's interests at the time of those acquisitions, they might not have been in compliance with the Takeovers Code, the statement said.
