Takeovers

The Takeovers Panel (the Panel) is an independent Crown entity established under the Takeovers Act 1993 (the Act) to administer and enforce the Takeovers Code (the Code).

The purpose of the Code is to ensure transparency and equitable processes for control-change transactions in the shares of companies covered by the Code (Code companies). This objective supports the integrity and transparency of the capital markets environment and ensures that shareholders of Code companies engaged in Code-regulated activities have equal access to information.

The Panel is also required under the Act to:

  • keep the law relating to takeovers of Code companies under review
  • recommend to the Minister any changes to that law that it considers necessary.

Changes to the Takeovers Code

In accordance with their functions, the Panel wrote to the Minister for Commerce and Consumer Affairs in March 2017 recommending technical amendments to the current takeovers law.

A copy of the Panel’s recommendations can be found on their website.

In April 2018, the Minister of Commerce and Consumer Affairs released an exposure draft of the changes to the Code for public comment.

Consultation on changes to the Takeovers Code

On 26 April 2018, the Minister of Commerce and Consumer Affairs released an exposure draft of the Takeovers Code Approval Amendment Regulations.

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