On 20 August, the Takeovers Panel released a report to the Minister of Commerce, Hon Craig Foss, recommending amendments to the Takeovers Code.

The Panel's review of the Code has involved four stages of public consultation since 2009 and is mostly technical in nature.  It does not extend to the fundamental policy underlying the Code.  Changes relate to the partial offers regime, hostile takeovers and to a variety of technical matters.

The Panel and the Ministry of Business, Innovation and Employment will together undertake consultation on the proposed amendments.  Most of these will be implemented by way of Order in Council, although some proposals require amendments to the Takeovers Act 1993.

The Panel's recommendations can be found here.