The Takeovers Panel has today released for public comment a draft Guidance Note on correction of Takeover Documents.
The draft Guidance Note seeks to assist the market by indicating the standard of disclosure that the Panel wishes to see in disclosure documents (such as bidder’s and target statements, notices of meeting and shareholder letters) relating to transactions affecting the control of companies and managed investment schemes to which Chapter 6 of the Corporations Act applies. It also discusses some of the considerations that the Panel will take into account when dealing with a defective disclosure and the remedies that it may impose where the documents fall short of the standard that the Panel requires.
Comments are sought on the draft Guidance Note by Thursday 8 April 2004. The document is available on the Panel's website.
Director, Takeovers Panel
Level 47, Nauru House
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3553