Australian Takeovers Panel

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The Australian Takeovers Panel, a statutory authority of the Australian Government, is the primary Australian forum for resolving disputes about a takeover bid during the bid period itself. The panel is a peer review body, made up of part-time members from the Australian investment banking, legal, accounting and business communities. Its head office is located in Melbourne, Victoria.

Establishment and powers[]

The panel was established under section 171 of the and is given various powers under Part 6.10 of the Corporations Act. The panel has a full-time executive base who assist its members, draft policy, and provide continuity to the panel in its decisions.

The Takeovers Panel has three main powers:

1. to declare circumstances in relation to a takeover, or to the control of an Australian company, to be "unacceptable circumstances";
2. to protect the rights of persons (especially target company shareholders) during a takeover bid and to ensure that a takeover bid proceeds (as far as possible) in a way that it would have proceeded if the unacceptable circumstances had not occurred; and
3. various review powers.

The panel has similar peers in other jurisdictions, such as the London Panel on Takeovers and Mergers in the UK.

References[]

External links[]

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