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Hastings Diversified Utilities Fund (HDF) has released its target statement today rejecting the takeover offer that it has received from rival APA Group in mid-December. The company board is recommending its investors to reject the offer as it undervalues the company.

Spotless Group (SPT) shareholders are close to calling an extraordinary general meeting and oust its board after bidder Pacific Equity Partners (PEP) disagreed to raise its bid to $2.80 without access to due-digiligence, as suggested by the facilities and services company.

Centro Property Group (ASX:CNP) directors are on the chopping block this morning as the Federal Court is expected to decide whether they should be held responsible for failing to do due diligence. The directors failed to disclose billions of dollars of short term debt on the company's 2006-07 financial reports.

Sundance Resources (ASX:SDL) resumed trading on Monday. The stock has been in a trading halt since the mining company's entire board of of directors were killed in Congo, Africa from a plane crash on its way to Mbalam on June 19. Their share price closed down 1 cent to 12 cents with a volume of 65.8 million shares traded and an intraday low of 10.5 cents.

Roger Corbett, the chairman of Fairfax Media (FXJ) stated that despite the board of the company is currently very much effective and satisfied; the reconstruction of the company is not going to be complete until it includes another director in the team who has in good experience about the media.