Takeovers Legal Update - Blake Dawson Waldron Lawyers
In Brief
- The panel has published a draft guidance note applicable to bids involving directors, management and advisors of the target.
- Insiders should seek the consent of the board when approached by a potential bidder.
- Independent directors should establish protocols.
- No requirement for equal access to information.
- Proper disclosure of incentives.
- Independent expert is not mandatory.
- Debt level is relevant to disclosure.
- Wrap information must be lodged with ASIC at the same time as lodgement of the bidder's statement.
- Statement's by an individual broker can only be used with the consent of that same broker. A broker must assess what information should accompany any valuation given to ensure it is not misleading or confusing.
- Aggregate valuations may be used without consent subject to certain conditions.
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