Gina Rinehart has scored a significant victory over Andrew Forrest in the war over Atlas Iron with the Takeovers Panel declining to conduct proceedings in relation to her $390 million off-market bid through Hancock Prospecting.

NCZ Investments, a wholly owned subsidiary of Mr Forrest's Fortescue Metals Group, made a series of allegations about the bid last week in an escalation of the brawl between the two billionaires over the junior iron ore miner.