Market Intelligence

Two recent Takeovers Panel decisions examine whether combinations of pre-bid stakes, shareholder intention statements, and deal protection arrangements unlawfully lock up target companies. The Panel's analysis reveals critical boundaries for acceptable deal protection in Australian M&A transactions and provides new guidance on intention statements exceeding 20% of a target's register.

A dispute between a target and bidder can cause a scheme of arrangement to fail simply by running down the clock to its 'end date', as the recent Mayne Pharma/Cosette transaction illustrates. This article examines that risk and how automatic end date extensions, adopted in several recent deals, can prevent disputes from derailing transactions.

For Singapore and Southeast Asian investors, entering the Australian market through mergers and acquisitions presents opportunities for immediate scale and established market presence, but requires careful navigation of Australia's distinct regulatory framework. This article examines critical execution considerations including due diligence protocols, foreign investment clearance requirements, mandatory merger control obligations, and key commercial terms that affect transaction timing and deal certainty.

Queensland's statutory interest rates for unpaid debts vary by judgment type and period, with default judgment rates currently at 8.35% per annum and judgment-debt rates at 10.35% per annum for July-December 2026.

If you are an in-house lawyer, your team might face ongoing pressure to cut legal spending. As explored in Part 1 of this series, your team can achieve this by re-aligning the focus of the legal function with core business objectives. Narrowing the focus to core activities doesn’t mean that the secondary, ‘peripheral’ legal activities of an in-house team simply fall away. Although peripheral to core business objectives, these activities are still needed for the business to function.

When a target board tells shareholders that a takeover offer materially undervalues the company, it must do more than state an opinion. Australian takeover law requires boards to explain their reasoning...