Takeovers Panel consultation: extension of 6 month period condition to 12 months in common Class Exemptions

Chapman Tripp has submitted comments on a Takeovers Panel’s targeted consultation paper about the 6-month period condition in clauses 5 – 10 of the Takeovers Code (Class Exemptions) Notice (No 2) 2001.  

We strongly recommend the Panel amend the exemption to provide for a 12-month cure period, as it would reduce costs and complexity for shareholders, and code companies, and the other the conditions of the exemptions mean that an extended period could not be abused.  We also consider the exemption should be amended so that shareholders, and their associates, could have an option of a Top-up with shareholder approval.

Our submission can be viewed here.

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Related topics: Mergers & acquisitions; Takeovers Panel

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