Forrestania Resources faces a formal complaint lodged with the Australian Takeovers Panel regarding its acquisition bid for Zenith Minerals.
The regulatory challenge, filed by a major shareholder in the target company, alleges that the bidder engaged in misleading conduct during the pursuit of the deal.
This development marks a significant escalation in the already contentious takeover battle in Western Australia's mining sector.
The complaint adds to a growing list of obstacles for Forrestania, which is backed by the influential Stokes family.
The proposed transaction involves a scrip bid, a structure that has drawn particular attention from investors and regulators alike.
The Takeovers Panel's involvement signals that the dispute has moved beyond shareholder disagreement into the realm of statutory compliance and market integrity.