Panel Publishes Consultation Paper

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Revisions to Guidance Note 1 on Unacceptable Circumstances - Last and Final Statements

The Panel today released a Consultation Paper seeking public comment in relation to proposed revisions to Guidance Note 1 on Unacceptable Circumstances.

The proposed revisions give an example of unacceptable circumstances following a last and final statement in relation to a takeover bid (see example 4 of paragraph 32(a) and footnote 39 of Guidance Note 1). The example seeks to provide market participants more certainty by establishing a time frame before which departure from a no increase statement may give rise to unacceptable circumstances.

The Panel seeks comments from interested persons on the draft Guidance Note by 20 April 2018. 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The Consultation Paper and draft Guidance Note are available on the Panel's website on the consultation page.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