The Takeovers Panel has amended orders it handed down to MacarthurCook earlier this month over the distribution alliance with financial services group IOOF.
As part of the amended orders, MacarthurCook may now proceed with the placement of 3.45 million shares pending shareholder approval.
The placement of shares can now also go ahead even if shareholders do not approve the IOOF restriction on disposal of the shares or the underwriting option for MacarthurCook's dividend reinvestment plan, a company statement said.
In its initial orders, the panel asked MacarthurCook to seek approval for all the issues as a package.
The Takeovers Panel made a declaration of 'unacceptable circumstances' surrounding the alliance on July 9, 2008 because MacarthurCook had failed to seek the required approval for the alliance.
MacarthurCook will need to seek shareholder approval before September 1, 2008.
