ASCENDIS Health directors have been accused by the Takeover Regulation Panel (TRP) of acting in concert and illegally with a consortium, headed by the firm's CEO, Carl Neethling, that is trying to buy out the shareholders and delist the group. Shareholder activist Albie Cilliers, one of four who had complained to the TRP about the takeover offer to shareholders, said on X yesterday that the TRP investigation had found Ascendis's non-executive director Theunis de Bruyn, through his association with the firm Calibre Holdings, to have acted in concert with Neethling's consortium. Shareholder activist and former Ascendis chairperson Harry Smit told Business Report the ruling had vindicated his assertions that the takeover offer and delisting was unlawful due to insider trading. Smit said that it was the first time that such a ruling had been made in South Africa's corporate history, and that the ruling was evidence of insider trading.