Suitor CBH Resources has called on the Takeovers Panel to issue orders to Perilya to delay its shareholders meeting and terminate a call option over the Mt Oxide project sale to a Chinese company.
CBH labelled the call option as "frustrating" with Perilya allowing the deal to go ahead without shareholder approval.
Late last year, Perilya provided Chinese company Shenzhen Zhongjin Lingnan Nonfemet Co with a call option that allows it to buy Mt Oxide should a $45.5 million placement not proceed and Perilya is unable to repay a deposit.
Zhongjin has agreed to subscribe to $45.5 million of Perilya shares and has already paid $10 million refundable deposit as part of the transaction.
A shareholders meeting is due to be held on February 5.
"[CBH] submits that the placement, when combined with the call option, is an anti-competitive and coercive lock-up device which is unacceptable," CBH said.
"[CBH] also submits that Perilya's target's statement and notice of meeting make unsubstantiated and unqualified statements regarding Shenzhen's involvement with Perilya.
"[CBH] seeks interim orders, and final orders including that the meeting be deferred until 24 March 2009, the call option be terminated and Perilya dispatch a supplementary target's statement correcting the statements regarding Shenzhen's involvement with Perilya."
The Panel said it has not appointed a sitting panel at this stage and has not made a decision as to whether to conduct proceedings.
CBH is offering 4.2 of its shares for each Perilya share.
