The Takeovers Panel announced today that it has published Guidance Note 23 "Shareholder Intention Statements".
The Panel issued a consultation draft of the Guidance Note on 7 July 2015. It received 8 submissions and has taken them into account and made further changes.
The new Guidance Note provides shareholders who make statements of their intentions with respect to a control transaction, particularly a takeover bid, with an indication of the issues that might arise. The Guidance Note supplements ASIC's "truth in takeovers" policy (ASIC RG 25 – Takeovers: false and misleading statements).
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph: +61 3 9655 3597