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ARTICLE · 23 MAY 2016

澳大利亚收购委员会的决定引发了目标公司董事评估披露义务的不确定性

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When faced with a takeover bid, the directors of the target company must make a crucial decision: If they believe the bid undervalues the shares of the company...

AustraliaCorporate/Commercial Law
Brett Heading
Brett Heading
Mark Crean
Mark Crean
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澳大利亚收购委员会的决定引发了目标公司董事评估披露义务的不确定性（英文版）

When faced with a takeover bid, the directors of the target company must make a crucial decision: If they believe the bid undervalues the shares of the company, what information should they disclose to shareholders?

The decision of the Australian Takeovers Panel ("Panel") on 11 March 2016 in Metro Mining Limited and Gulf Alumina Limited ("Metro") has left target company directors with doubts about what they need to do, when commenting on valuation matters, to satisfy their obligation under sections 638(1) and 638(1A) of the Corporations Act 2001 (Cth) ("Act") to disclose all information that will enable shareholders to make a proper assessment of the takeover offer.

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