Key Points:
New takeovers policy proposals from ASIC are more akin
to spring-cleaning than a total makeover.
ASIC's recently-released suite of
draft regulatory guides for takeovers is a combination of:
- updating some very old policies;
- some policy tweaks;
- regularising of existing de facto policy; and
- recognition of Takeovers Panel policy.
Most of this is welcome and long overdue, particularly where
ASIC is for the first time reducing to writing policy that it has
been applying for a long time. There are several aspects which may
cause concern, but overall these new regulatory guides will assist
in the efficient conduct of M&A transactions. The changes of
real significance for the M&A market are yet to come:
Treasury's consideration of various takeover reforms, and an
update to ASIC's Truth in Takeovers policy, which has not been
revised for over 10 years.
