Takeovers Panel Releases Revised Rules for Proceedings

Release number


The Takeovers Panel has today issued revised Rules for Proceedings and has posted the revised Rules on its web site: Rules

The Panel announced on 20 April 2004 that a subcommittee comprising Panel members (Simon McKeon, Nerolie Withnall and Celia Searle) and interested practitioners (Garry Besson (Gilbert + Tobin, Sydney), Bruce Dyer (Blake Dawson Waldron, Melbourne), Neil Fearis (Fearis Salter Power Shervington, Perth) and Richard Kriedemann (Allens Arthur Robinson, Sydney)), had reviewed the Panel's Rules for Proceedings and issued a consultation draft: Media Release.

Following close of the period for public comment, the Panel had not received any formal submissions from interested persons concerning the revised Rules. Accordingly, the Panel will not issue a Public Consultation Response Statement in accordance with usual practice. However, the Panel received two informal comments. These are summarised, and the Panel's response is set out, in the annexure to this release.

The Panel has, however, amended the proposed Rules by the insertion of a note in Rule 2 discussing the Panel's practice of allowing parties other than applicants to make preliminary statements to the Panel concerning whether the Panel should conduct a proceeding in response to an application.

The new Rules will apply in respect of all applications made on or after 1 July 2004 and all proceedings conducted by the Panel in relation to such applications. In relation to applications received before that date, and proceedings conducted in relation to those applications, the previous Rules will continue in force, unless the sitting Panel otherwise determines.

The original Rules for Proceedings will remain on the Panel's web site at: Superseded Rules.

The public consultation draft and the accompanying explanatory statement will remain on the Panel's web site at: Previous Consultation Papers.

The Panel thanks all who have contributed to this process, especially the external members of the subcommittee mentioned above.

George Durbridge
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3553