29 October, 2012
On 5 October 2012, Treasury released a Scoping Paper regarding policy issues raised by ASIC in relation to takeovers law. ASIC has highlighted a number of areas where takeovers law may require “modernising” to make it more responsive to market developments, including in the areas of:
- creeping acquisitions;
- use and disclosure of equity derivatives;
- clarity of takeover proposals that do not trigger the requirement to make offers within two months;
- association; and
- the impact of new media.
It is intended that the scoping paper will provide a basis for a series of roundtable discussions with business, legal and market participants to discuss ASIC’s concerns. A more comprehensive paper will follow.
For further information, please contact:
David Ryan, Partner, Ashurst
Ashurst Corporate/M&A Practice Profile in Australia
Homegrown Corporate/M&A Law Firms in Australia
.