AUSTRALIA: Takeovers Panel revises Australia Takeover Documents

Monday July 21 2014

Australia Takeovers Panel publishes a revised version of Guidance Note 18: Takeover Documents in response to a consultation paper issued in January 2014

The Panel received four submissions in response.

The main change proposed to Guidance Note 18 in the consultation paper related to the accessibility of takeover documents.  The proposals encouraged the use of a summary section in takeover documents, primarily for retail shareholders.

Following consultation, the Panel has amended Guidance Note 18 to ensure that the proposals were not interpreted as unduly prescriptive. The Panel has also made it clear that the contents of a summary will depend on the particular transaction.

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