Panel Publishes Revised Guidance Note 7 – Deal Protection and Guidance Note 19 – Insider Participation in Control Transactions

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The Takeovers Panel has today published a revised Guidance Note 7 (GN 7) on Deal Protection (previously named Lock‑up Devices) and a revised Guidance Note 19 (GN 19) on Insider Participation in Control Transactions. This is the fifth issue and third issue of the guidance notes, respectively.

The Panel issued consultation papers in relation to proposed amendments to GN 7 and GN 19 on 14 December 2022. In relation to GN 7, the Panel received 9 submissions. In relation to GN 19, the Panel received 7 submissions.

The Panel’s Public Consultation Response Statements in relation to each of the revised guidance notes detailing material comments received on consultation and the Panel’s responses, as well as copies of the submissions received, are available in the Consultations section of the Panel’s website.

The Panel thanks the GN 71 and GN 192 sub‑committees for their assistance in developing the revised guidance notes.

Allan Bulman
Chief Executive, Takeovers Panel
Level 16, 530 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3500

1 Kelvin Barry, Alex Cartel, Bruce Cowley, Karen Evans‑Cullen, Diana Nicholson, Neil Pathak, James Stewart, Nicola Wakefield Evans AM and David Williamson

2 Alex Cartel, Stephanie Charles, Karen Evans‑Cullen, Marissa Freund, Bill Koeck, Ron Malek, Diana Nicholson and Neil Pathak