Takeovers Panel Releases Guidance Note 23 on Shareholder Intention Statements

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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).

The Guidance Note and the Public Consultation Response Statement are available on the Panel's website. 

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