Panel Publishes Revised Guidance Note 12

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The Takeovers Panel today published a revised version of Guidance Note 12: Frustrating Action.1

On 6 January 2014, the Panel issued a consultation paper in relation to proposed changes to Guidance Note 12. The Panel received 5 submissions in response.

The main change proposed to Guidance Note 12 was to add to the circumstances the Panel would consider when determining whether a frustrating action undertaken by a target during a bid was unacceptable. The additional circumstances concerned triggered bid conditions.

Following consultation, the Panel has amended Guidance Note 12 to more clearly identify the intention behind the proposed change.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597

1 The Panel has also published a Public Consultation Response Statement, attaching the submissions received and a mark up of GN 12 to show the changes from the draft circulated with the Consultation Paper