Australia’s Takeovers Panel has declined to intervene in Virgin’s planned $350 million capital raising, according to The Fin.
An activist shareholder made an application to the panel, concerned over the amount of shares offered to retail shareholders.
Fears have been raised, particularly by the airline’s major competitor Qantas, that Virgin’s overseas airlines would control the business.
The applicant took the matter to the panel after Virgin decided to cap the amount of additional shares for the non-renounceable rights issue at 40% for retail shareholders.
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