Key Points:
ASIC has taken the opportunity to set out some new
policy positions with respect to takeovers.
ASIC has released a major update of its policies and Class
Orders relating to mergers and acquisitions.
As well as updating its policies to reflect legislative changes
since 1999, ASIC has taken the opportunity to set out some new
policy positions. Most of these were flagged in the Consultation
Paper which the Commission released late last year. The final
policies largely reflect those proposals, albeit with some
changes.
Substantial holding notices
The requirement to lodge a substantial holding notice is the
Chapter 6 provision most commonly encountered by shareholders, even
if they're not contemplating a takeover bid. ASIC's revised
policy on substantial holding only makes one significant change to
that process.
