New Practical Law Takeovers Content
The newly published documents include the following key standard documents for use in a takeover bid:
- Bid implementation deed, which can be used for an off-market takeover bid and sets out the terms of the takeover offer to be made by the bidder; commits the bidder and the target to the takeover bid transaction; obliges the target to support, recommend and facilitate the takeover offer; and sets out how the bidder and target will work together throughout the takeover process;
- Bidder's statement: off-market takeover cash offer, which can be used for an off-market takeover bid where only cash is being offered as consideration and contains the information required to be contained in a bidder's statement under section 636 of the Corporations Act 2001 (Cth); and
- Target's statement: off-market takeover, which can be used for an off-market takeover bid and contains the information required to be contained in a target's statement under section 638 of the Corporations Act 2001 (Cth),
The new document suite also includes a number of supporting standard documents, including board minutes noting approval of and consents to inclusion of statements in a bidder's statement or a target's statement as well as the following practice notes:
- Takeover bids, which provides an overview of the regulation of takeovers of public companies, forms of takeover bids and the key rules, restrictions and procedures governing the conduct and terms of takeover bids.
- Takeover documents, which provides an overview of the main documents involved for bidders and targets in planning and conducting a takeover bid;
- Takeovers: planning a takeover bid, which provides an overview of the key considerations and regulatory issues for bidders when planning a potential takeover bid;
- Announcing a takeover, which provides an overview of the regulatory issues and strategic considerations of announcing a takeover bid; and
- Takeovers: communications with target shareholders, which addresses the regulation of information provided to, and communications with, target shareholders before and during a takeover bid.