The Australian Takeovers Panel, a
statutory authority
A statutory body or statutory authority is a body set up by law (statute) that is authorised to implement certain legislation on behalf of the relevant country or state, sometimes by being empowered or delegated to set rules (for example reg ...
of the
Australian Government
The Australian Government, also known as the Commonwealth Government or simply as the federal government, is the national executive government of Australia, a federal parliamentary constitutional monarchy. The executive consists of the pr ...
, is the primary Australian forum for resolving disputes about a
takeover bid during the bid period itself. The panel is a
peer review
Peer review is the evaluation of work by one or more people with similar competencies as the producers of the work (:wiktionary:peer#Etymology 2, peers). It functions as a form of self-regulation by qualified members of a profession within the ...
body, made up of part-time members from the Australian
investment banking
Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...
,
legal
Law is a set of rules that are created and are law enforcement, enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a Socia ...
,
accounting
Accounting, also known as accountancy, is the process of recording and processing information about economic entity, economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activit ...
and
business
Business is the practice of making one's living or making money by producing or Trade, buying and selling Product (business), products (such as goods and Service (economics), services). It is also "any activity or enterprise entered into for ...
communities. Its head office is located in Melbourne, Victoria.
Establishment and powers
The panel was established under section 171 of the
Australian Securities and Investments Commission Act and is given various powers under Part 6.10 of the
Corporations Act. The panel has a full-time executive base who assist its members, draft policy, and provide continuity to the panel in its decisions.
The Takeovers Panel has three main powers:
# to declare circumstances in relation to a takeover, or to the control of an Australian company, to be "unacceptable circumstances";
# to protect the rights of persons (especially target company shareholders) during a takeover bid and to ensure that a takeover bid proceeds (as far as possible) in a way that it would have proceeded if the unacceptable circumstances had not occurred; and
# various review powers.
The panel has similar peers in other
jurisdiction
Jurisdiction (from Latin 'law' and 'speech' or 'declaration') is the legal term for the legal authority granted to a legal entity to enact justice. In federations like the United States, the concept of jurisdiction applies at multiple level ...
s, such as the London
Panel on Takeovers and Mergers in the UK.
References
External links
Homepage
{{Business in Australia
Australian law government bodies
Financial regulation in Australia
Mergers and acquisitions
Commonwealth Government agencies of Australia