Gilbert + Tobin has released the 2017 edition of its Takeovers + Schemes Review, providing an in-depth review of 2016's public company merger and acquisitions (M&A) transactions valued over $50 million. It provides Gilbert + Tobin's perspective on the trends for M&A in 2016 and what that might mean for 2017.
On 1 December 2016, the Takeovers Panel released its revised Guidance Note 12: Frustrating Action. Broadly, a ‘frustrating action’ is an action taken by a target board which results in a bid or potential bid being withdrawn, lapsing or not proceeding.
Gilbert + Tobin has released the 2016 edition of its Takeovers and Schemes Review, providing an in-depth review of merger and acquisition transactions for ASX listed companies in 2015. It provides Gilbert + Tobin's perspective on the trends for Australian public mergers and acquisitions in 2015 and what that might mean going forward in 2016. This is the 5th edition of the Review.
Public submissions recently closed on the Takeovers Panel’s consultation draft of a new guidance note on shareholder intention statements in the context of public company takeovers. The proposed guidance follows recent Panel decisions concerning Ambassador Oil and Gas Limited and Bullabulling Limited.
The recent decision of the Takeovers Panel in Ambassador Oil and Gas Limited 01  ATP 14 (Ambassador 01) provides guidance to the market on the Takeover Panel’s current approach to intention statements and matching rights.
On 18 July 2014, the Takeovers Panel released the fourth issue of Guidance Note 12: Frustrating Action (GN12). The amended GN12 adds a new matter that the Takeovers Panel will have regard to in considering whether a target company has engaged in frustrating action that constitutes “unacceptable circumstances”. The Takeovers Panel had previously released a consultation paper seeking public comment in relation to its proposed amendments to GN12 (Consultation Paper).