INTRODUCTION
EXECUTIVE SUMMARY
STATUS QUO AND PROBLEM
Status Quo: The Takeovers Act and Code, and the Companies Act 1993
Takeovers Code
Schemes of arrangement and amalgamations under the Companies Act
Broader regulatory environment
Nature of the problem
OBJECTIVES
Objectives of Takeovers Code
OPTIONS
Option 1 - the Panel's Preferred Option - Court approval required for amalgamations and schemes of arrangement, with Panel input
Option 2: Statutory exemption from Code
Why not the preferred option?
Option 3: Align Companies Act's thresholds and disclosures with the Code
Option 3A Approval level set at 50% of voting rights
Option 3B Approval level set at 75% of voting rights
Option 3C Approval level set by type of takeover
Why not the preferred option?
Option 4: Prohibit Part 13 amalgamations in respect of Code companies
Why not the preferred option?
Option 5: Prohibit schemes and amalgamations in respect of Code companies
Why not the preferred option?
Analysis of Preferred Option
Advantages
Disadvantages
CONSULTATION
Problem definition
Policy objectives
Options
Compulsory Acquisition
Cost of Compliance
Other Comments
RECOMMENDATIONS TO THE MINISTER

Download the explanatory memorandum as PDF (234 KB)

1. EXECUTIVE SUMMARY
2. ADEQUACY STATEMENT
3. STATUS QUO AND PROBLEM
4. OBJECTIVES
5. PREFERRED OPTION
6. IMPLEMENTATION AND REVIEW
7. CONSULTATION

Download the regulatory impact statement as PDF (90 KB)

• PROPOSAL
• BACKGROUND
• DISCUSSION
• FINANCIAL IMPACT
• CONSULTATION
• RECOMMENDATIONS

Download the recommendations to the minister as PDF (4 KB)