Panel Publishes Consultation Paper Revised Guidance Note 12 on Frustrating Action

Release number


Document download

The Takeovers Panel today released a Consultation Paper seeking public comment in relation to a draft rewrite of Guidance Note 12 on Frustrating Action.

The draft rewrite seeks to provide clearer guidance about the Panel's approach to frustrating action, including the circumstances in which a frustrating action is unlikely to be unacceptable.

The Panel seeks comments from interested persons on the draft Guidance Note by 24 October 2016.  Comments should be emailed to

The Consultation Paper and draft Guidance Note are available on the Panel's website on the consultation page.

Allan Bulman
Director, Takeovers Panel
Level 10, 63 Exhibition Street
Melbourne VIC 3000
Ph:      +61 3 9655 3500