TP04/037
The Takeovers Panel has today published its Guidance Note on Correction of Takeover Documents. Minor amendments have been made to the final version in response to comments received when the Panel released a draft for public consultation.
The 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.
The Panel has also published on its website a paper that sets out its response to the external comments that the Panel received on the consultation draft.
The Panel would like to thank Australian Stock Exchange Limited, Securities Institute, Law Council of Australia, Deacons and McCullough Roberston Lawyers for their feedback with respect to the draft Guidance Note.
The Correction of Takeovers Documents Guidance Note is available on the Takeover Panel’s website at Guidance and the Public Consultation Response Statement is available at Consultation.
George Durbridge
Director, Takeovers Panel
Level 47, Nauru House
80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3553
george.durbridge@takeovers.gov.au