Australian Takeovers Panel
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| Statutory authority overview | |
|---|---|
| Jurisdiction | Commonwealth of Australia |
| Headquarters | Melbourne, Australia |
| Minister responsible | Joe Hockey MP, Treasurer of Australia |
| Statutory authority executives | Vickki McFadden, President Allan Bulman, Director |
| Key documents | Australian Securities and Investments Commission Act (Cth) Corporations Act 2001 (Cth) |
| 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. It's head office is located in Melbourne, Victoria, Australia.
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 based 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.
