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Bell Gully responds to Takeovers Panel's review of schemes of arrangement
Bell Gully has responded to the Takeovers Panel’s consultation paper on "Policy on Exemptions from the Code on Schemes of Arrangement effected under the Companies Act 1993".
The two areas of the Takeovers Panel's existing policy on exemptions for schemes of arrangement which are under review are:
- the threshold which must be satisfied in order for an exemption to be granted; and
- the conditions relating to shareholder approval which the panel will be likely to impose, particularly for the purpose of protecting minority shareholders.
The consultation paper also addresses the legislative framework regarding changes of control of companies and the relationship between the Takeovers Code and the Companies Act.
Bell Gully's submission reflects the views of a number of our litigation and corporate partners based on their experience with court approved arrangements under Part XV of the Companies Act.
For further details of the review, please visit the Takeovers Panel’s website at www.takeovers.govt.nz.
For further information, please contact
Ralph Simpson
Partner
Andrew Brown
Partner
Disclaimer
This publication is necessarily brief and general in nature. You should seek professional advice before taking any action in relation to the matters dealt with in this publication.
