The Legal 500

Twitter Logo Youtube Circle Icon LinkedIn Icon

Bell Gully

LEVEL 21, VERO CENTRE, 48 SHORTLAND STREET, PO BOX 4199, AUCKLAND 1140, NEW ZEALAND
Tel:
Work +64 9 916 8800
Fax:
Fax +64 9 916 8801
Email:
Web:
http://www.bellgully.com
Auckland, Wellington

Show all Press releases

Busiest year for takeovers in a decade

August 2018

New Zealand listed companies attracted strong interest from buyers in 2017, producing the highest level of takeover activity seen in the past decade, according to a new update by law firm Bell Gully.

In the fourth consecutive year of increased takeover activity in this market, eight takeovers were launched targeting NZX Main Board listed companies last year where the bidder did not already have majority control. Not only was this the highest level of takeover activity seen in the past decade, the level of activity was approximately twice the average annual rate since the Takeovers Code came into effect in 2001.

"While the figures show a more active market than usual, the success rate was lower than previous years. This was driven by two of the takeovers being successfully contested and one failure to obtain a regulatory approval," said partner James Cooney.

The Big Picture: Takeovers Update provides an analysis of key observations from takeovers announced in 2017. ‚Äč

Click here to view the full update.

Legal Developments by:
Bell Gully

  • The Tax Working Group‚Äôs Interim Report - A capital gains tax for New Zealand?

    ‚Äč‚Äč‚Äč‚Äč‚Äč‚ÄčThe Tax Working Group has released its Interim Report on the Future of Tax. Amongst a number of other matters, the Interim Report describes two alternative methods for the implementation of a capital gains tax in New Zealand, which will be the subject of further consideration over the coming months.¬†
    - Bell Gully

Legal Developments in New Zealand

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • The Tax Working Group‚Äôs Interim Report - A capital gains tax for New Zealand?

    ‚Äč‚Äč‚Äč‚Äč‚Äč‚ÄčThe Tax Working Group has released its Interim Report on the Future of Tax. Amongst a number of other matters, the Interim Report describes two alternative methods for the implementation of a capital gains tax in New Zealand, which will be the subject of further consideration over the coming months.¬†
  • Privilege in regulatory investigations: UK Court of Appeal supports a broad approach

    Last week, the UK Court of Appeal released its much-anticipated judgment in ENRC v SFO[1], a decision with significant implications for the scope of legal professional privilege in the context of regulatory investigations.
  • Overseas Investment - review announced just as new regime comes into force

    Just days before amendments to New Zealand’s overseas investment regime take effect, the government has announced its intention to undertake a further review of the legislation.
  • New NZX Listing Rules in force from 1 January 2019

    NZX today published the final version of its updated listing rules. These new rules will take effect on 1 January 2019, subject to a six-month transition period.
  • Trans-Pacific Partnership trade benefits are coming

    Following several years of negotiations, and after the high-profile collapse of the original Trans-Pacific Partnership ( TPP ) in 2017, the renamed ‚ÄúComprehensive and Progressive Trans-Pacific Partnership‚ÄĚ ( CPTPP ) has now met the required number of ratifications to come into force. This is due to occur on 30 December 2018. This will offer New Zealand businesses a range of opportunities they should plan for, including reduced tariffs on a number of key exports.‚Äč
  • CPTPP Agreement sparks further legislative change

    The Government has introduced further amendments to the Overseas Investment Regulations 2005 (the Regulations ) to ensure New Zealand complies with its obligations under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (the CPTPP Agreement ) and various other international agreements New Zealand is a party to.
  • What is the latest in privacy law reform?

    The Overseas Investment Amendment Bill (the Bill) was passed yesterday after its third and final reading. It is likely to receive Royal assent this month. Once that occurs, the provisions of the Bill that limit the ability of overseas persons to purchase residential property in New Zealand and the changes in the regime governing overseas investments in forestry will officially become part of the Overseas Investment Act (the Act).
  • Residential land amendments mark new era in New Zealand‚Äôs overseas investment regime

    ‚Äč‚Äč‚Äč‚Äč‚Äč‚ÄčThe Overseas Investment Amendment Bill (the Bill) was passed yesterday after its third and final reading. It is likely to receive Royal assent this month. Once that occurs, the provisions of the Bill that limit the ability of overseas persons to purchase residential property in New Zealand and the changes in the regime governing overseas investments in forestry will officially become part of the Overseas Investment Act (the Act).
  • A fresh look at the recoverability of takeover expenses

    The High Court has revisited the recoverability of a target company's expenses for the first time in more than 45 years. The case has important implications for future reimbursement disputes.
  • Insurance contract law reform back on the agenda for 2018

    The Government announced on 6 March that it is undertaking a review of New Zealand's insurance contract law, and has released a terms of reference for the review here ‚Äč‚Äč.