The Takeover Panel’s proposed guidance should assist market participants to understand the Panel's approach to statements of intention made by shareholders in the context of a takeover bid or scheme of arrangement.

The Takeovers Panel has released a Consultation Paper in relation to a new draft Guidance Note on Shareholder Intention Statements.

The draft Guidance Note  addresses:

  • ambiguities that can cause shareholder intention statements to mislead or confuse; and
  • the circumstances in which a shareholder intention statement may give rise to unacceptable circumstances.

Comments on the draft Guidance Note are due by 1 September 2015.

See media release dated  July 2015.