Showing 36 out of 49 results
Statements of intention under the UK Takeover Code – say what you mean and do what you say
Summary Following the Kraft/Cadbury takeover in 2010, UK Takeover Code (Code) was amended to hold parties to any statements of intention they made for …
Reverse break fees in Australian public M&A
Summary Reverse breaks fees compensate the target for a termination caused by something within the bidder’s control. In Australia, they tend to match …
ASIC set to axe restrictions on special crossings during takeovers and schemes
In brief The takeovers rules in the Corporations Act impose some restrictions on trading by a bidder (or its associates) during a takeover bid, but …
Takeovers Law reforms – interesting proposals in Canada
In brief Proposed changes to Canadian takeover laws seek to strengthen the position of the minority and give target boards additional time to respond …
A new tool in distressed public company M&A
Summary Mirabela is the first ASX listed company to be subject to a section 444GA transaction where shares are compulsorily transferred from …
Joint bids – ASIC’s new policy in practice
Summary Joint bids that result in the parties having initial combined voting power in the target company of more than 20% require ASIC relief. …
Herbert Smith Freehills 2014 Australian Public M&A Report – M&A on the rise
Summary The Herbert Smith Freehills 2014 Australian Public M&A Report has recently been released. The Report examines the 77 public takeovers and …
Deal making on the rise in the financial services sector
Summary The level of deal making in the financial services sector has been particularly robust during the last financial year. Consolidation, with …
Australian joint ventures – are EU and Chinese anti-trust approvals required? Peut-être / yěxǔ (perhaps)
Summary The EU and Chinese merger control regimes can apply to a broad range of corporate transactions involving either an Australian joint venture or …
Everyone’s a winner: David Jones’ Scheme is approved
Summary Collateral benefits are not illegal in schemes of arrangement as they are in takeover bids. Schemes can accommodate different treatment of …
Break fees update: pushing the 1% guideline and the return of the naked no vote
Summary The traditional position of the Courts and the Takeovers Panel has been that a break fee not exceeding 1% of the target’s equity value is …
Defective disclosure of substantial holdings: parties can’t hide behind the passage of time
Summary The Northern Iron Limited decision reinforces the Panel’s willingness to take a practical approach in identifying the ‘circumstances’ from …
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