Australian Takeovers Panel
 | This article needs additional citations for verification. (July 2009) |
| Statutory authority overview | |
|---|---|
| Jurisdiction | Commonwealth of Australia |
| Headquarters | Melbourne, Australia |
| Minister responsible | |
| Statutory authority executives |
|
| Key documents | |
| Website | www |
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
[edit]The panel was established under section 171 of the Australian Securities and Investments Commission Act 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:
- to declare circumstances in relation to a takeover, or to the control of an Australian company, to be "unacceptable circumstances";
- 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
- various review powers.
The panel has similar peers in other jurisdictions, such as the London Panel on Takeovers and Mergers in the UK.