Gloves off in take-over battle

The sale of ASX-listed Mayne Pharma to US-based Cosette Pharmaceuticals is getting dramatic, with both sides claiming incorrect information is being used against them.

Over the weekend South Australian Premier Peter Malinauskas said that he had lodged an objection to the $672 million deal announced in February, because Cosette had indicated it plans to close Mayne's Salisbury manufacturing site if the deal goes through, according to media reports.

On Monday Mayne addressed the media reports, saying that it was not previously made aware of any dialogue or communications between the SA Premier, Cosette, and FIRB on the closure of the plant, and noted that under the Scheme Implementation Deed, Cosette is obliged to notify Mayne of any such communications.