The Takeovers Panel today published revised versions of Guidance Note 2 Reviewing Decisions and Guidance Note 4 Remedies General.1
On 16 March 2015, the Panel issued consultation papers in relation to proposed changes to Guidance Note 2 and Guidance Note 4. The Panel received one submission in response to each guidance note.
The main changes proposed were to clarify:
- in Guidance Note 2, the timing and process for an application for review, including an application to obtain the President’s consent (if required) and
- in Guidance Note 4, that parties have the opportunity, at any point during the Panel’s process, to offer a resolution to the unacceptable circumstances prior to the Panel making a declaration and orders.
Following consultation, the Panel has further amended Guidance Note 4 to make it clear that a resolution will be more favourably considered if it is provided earlier in the proceedings rather than later. No further amendments were made to Guidance Note 2 from the draft circulated with the Consultation Paper.
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597
1. The Panel has also published Public Consultation Response Statements to Guidance Note 2 and Guidance Note 4, attaching one submission received and, in the case of Guidance Note 4, a mark-up of Guidance Note 4 to show the changes from the draft circulated with the consultation paper.