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ARTICLE · 01 SEPTEMBER 2025

Takeovers Panel Declines To Review Delisting Proposal

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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The Takeovers Panel will decline to hear a matter about a delisting proposal, unless it is coupled with a transaction which may affect control or the acquisition of a substantial interest...

AustraliaCorporate/Commercial Law
Rodd Levy
Rodd Levy
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The Takeovers Panel will decline to hear a matter about a delisting proposal, unless it is coupled with a transaction which may affect control or the acquisition of a substantial interest or is otherwise in breach of Chapter 6 provisions.

In brief

  • The Takeover Panel's jurisdiction is limited to situations that relate to current or proposed control proposals.
  • The Panel does not have general oversight role over listed entities.

Delisting

I published an article last year about the rules that apply to delisting a company from ASX after a takeover bid closes and the bidder has not reached 100% ownership. You can read the article here.

The situation was recently considered by the Takeovers Panel in its decision about the delisting proposal concerning Pact Group Holdings Ltd. The company was 88% owned by the bidder after the takeover bid and still had a large number of minority shareholders, including some who were very vocal in their opposition to the

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