On 30 April 2021, the Government announced that it would consult on expanding the role of the Takeovers Panel in control transactions, including potentially giving advance rulings and expanding the Panel’s remit to include members’ schemes of arrangement, with an aim of reducing the time and costs of mergers and acquisitions.
Treasury is seeking feedback on:
- the operation of takeovers and schemes generally, and whether they are meeting the broader policy objectives in respect of control transactions in Australian law
- the role of the Takeovers Panel and ASIC in regulating takeovers generally
- the role of the Court, the Takeovers Panel, and ASIC in regulating schemes generally.
Written submissions are sought from stakeholders in response to the questions contained in the consultation paper. Other input which provides further information, insights or suggestions relevant to the role and remit of the Takeovers Panel are also encouraged.