Takeover Panel - Aussie Stock Forums

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Thread: Takeover Panel

  1. #1

    Default Takeover Panel

    Does anyone know who are these people,is their findings law or is it just advisory to the ASX,ASIC or the companies involved in the Takeover

    cheers laurie
    When stocks go up you should have bought more!
    When stocks go down you bought too much!

  2. #2

    Default Re: Takeover Panel

    From http://www.takeovers.gov.au/display.asp?ContentID=6
    The Takeovers Panel is the primary forum for resolving disputes about a takeover bid until the bid period has ended. The Panel is a peer review body, with part time members appointed from the active members of Australia's takeovers and business communities.

    The Panel is established under section 171 of the Australian Securities and Investments Commission Act (the ASIC Act). It is given various powers under Part 6.10 of the Corporations Act (the Act). The Panel has a full time Executive based in Melbourne to assist members of the Panel and the takeovers community, to draft policy, and provide continuity to the Panel in its decisions.

    The Panel has wide powers. Its primary power is to declare circumstances in relation to a takeover, or to the control of an Australian company, to be unacceptable circumstances.

    The Panel has the power to make orders 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.

    The Panel also has various review powers.
    There's also a list of people from different places (Corporate, Universities, etc) who are members of the panel.

    That should answer your question...

  3. #3

    Default Re: Takeover Panel

    Thanks magiceye they seem to have more power than I thought I assume its a time thing now until they report back

    cheers laurie
    When stocks go up you should have bought more!
    When stocks go down you bought too much!

  4. #4

    Default Re: Takeover Panel

    Problem with the takeovers panel is that they are bunch of public servants and hence it can take weeks to get some ridiculous verdict.

    If you remember back to QANTAS, they needed 50% of the shares before 7pm. The holder that took them over the 50% accepted about an hour too late........

    There is a similar situation at the moment with ZFX & AGM. I chose to accept ZFX's offer even though I think it is cheap mainly because you've got no idea what the takeovers panel will do. ZFX didn't extend the bid till 7-30PM, so technically the offer has lapsed. Can't understand why it takes them such a long period time to come up with a decision.

    Quite happy to be out. If they increase the bid, you still get the extra & if it lapses/they drop it you'll be able to buy more shares than before

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