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The Takeovers Panel has released a Consultation Paper in relation to a new draft Guidance Note on Shareholder Intention Statements.
The draft Guidance Note addresses: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Comments on the draft Guidance Note are due by 1 September 2015.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.