AUSTRALIA: Consultation on revised guidance on frustrating action in Australian takeovers

Monday January 6 2014

The Australian Takeovers Panel has published a Consultation Paper seeking public comment in relation to revisions to Guidance Note 12 on Frustrating Action in Australia takeovers.

The proposed revised Guidance Note clarifies that, when considering the circumstances surrounding a frustrating action, the Takeovers Panel may consider whether any bid conditions have been triggered, whether the bidder has disclosed that it will rely on or waive the triggered condition within a reasonable time and whether the bidder has varied the terms of its bid after the condition was triggered. The consultation is a response to market participants` views that the current frustrating action policy unduly restricts targets` activities.

Comments are invited until 14th February 2014. Comments can be emailed to takeovers@takeovers.gov.au.

Click on the above link for the consultation paper.