1 / 10

003907256

003907256. The New Takeovers Panel: Key Issues & Developments. Justin Mannolini 16 October 2001. A Practitioner’s View of the Panel. Panel successes Panel issues Jurisdictional issues Rule-making uncertainty Structural uncertainty “Race for the bottom”. Panel Successes.

Download Presentation

003907256

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. 003907256

  2. The New Takeovers Panel: Key Issues & Developments Justin Mannolini 16 October 2001

  3. A Practitioner’s View of the Panel Panel successes Panel issues Jurisdictional issues Rule-making uncertainty Structural uncertainty “Race for the bottom”

  4. Panel Successes Outcomes focussed Traditional “litigation” minimised as a defence tactic Speed of results

  5. Jurisdictional Issues Takeovers only - not schemes No litigation rule can mean no legal remedy confidentiality agreements target contracts defamation

  6. Jurisdictional Issues (2) May Jan Feb-Mar April Confidentiality agreements (CA) A signs CA with B re trade sale A provides info to B No bid contemplated Negotiations with other parties Other party negotiations cease B bids for A What info should B include in bidder’s statement? Where to go to enforce CA? Is Panel effective forum?

  7. Jurisdictional Issues (3) ASIC review limit - does not extend to compulsory acquisition Relationship between ASIC and Panel Non-waivable 90% condition What if need to vary? ASIC or Panel? Do we need to revisit ASIC’s modification power?

  8. Rule-making Uncertainty Rule-making freedom Pinnacle 8 example - case law substantially revised Now three tiers of rules: common law Corporations Act Panel

  9. Structural Uncertainty Large number of members consistency expertise efficiency No advance ruling power

  10. “Race for the Bottom” Existence of Panel = less incentive for law reform = “lazy legislation” Preference for negotiated outcome = less incentive for compliance = “go for broke”!

More Related