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.