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Australian Takeovers Panel

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Australian Takeovers Panel
Statutory authority overview
JurisdictionCommonwealth of Australia
HeadquartersMelbourne, Australia
Minister responsible
Statutory authority executives
  • Alex Cartel,
    President
  • Allan Bulman,
    Director
Key documents
Websitewww.takeovers.gov.au

TheAustralian Takeovers Panel, astatutory authority of theAustralian Government, is the primary Australian forum for resolving disputes about atakeover bid during the bid period itself. The panel is apeer review body, made up of part-time members from the Australianinvestment banking,legal,accounting andbusiness communities. Its head office is located in Melbourne, Victoria.

Establishment and powers

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The panel was established under section 171 of theAustralian Securities and Investments Commission Act and is given various powers under Part 6.10 of theCorporations 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 otherjurisdictions, such as the LondonPanel on Takeovers and Mergers in the UK.

References

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External links

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Business institutions, stock exchanges, and associations in Australia
Institutions
Stock exchanges
Business associations
Corporate controversies
and collapses
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