Showing 60 out of 64 results
Resurgence in on-market takeover bids
Summary There has been an increase in on-market takeover bids recently. These bids may facilitate a very quick change of control and put a lot of …
Topical Issues in Private Equity Joint Ventures – tips for a clean exit
Summary The shareholders’ agreement for a private equity joint venture will typically include rights and obligations on the shareholders that operate …
China outbound investment responds to regulatory loosening
Summary China has recently relaxed its outbound investment regime. Chinese law requires either approvals or filings for Chinese outbound investments, …
Foreign Investment Review Changes for Chinese Investors under the China-Australia Free Trade Agreement
Summary Easing of Australia’s foreign investment review threshold for private Chinese companies from $248 million to $1.078 billion. Review threshold …
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. …
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 …
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