New Zealand Law Society - Proposed changes to Takeovers Code consultation underway

Proposed changes to Takeovers Code consultation underway

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The Takeovers Panel has released a consultation paper with proposed amendments to the Takeovers Code.

It is inviting submissions, which close at 5pm on 2 December 2016.

The paper is divided into two main sections.

The first contains three substantive subsections that incorporate a framework and policy analysis similar to that found in Regulatory Impact Statements. The subsections are: Small Code Companies, "Days" in the Code, and Electronic Access for Shareholders. 

The second section contains technical amendments of low policy content, most of which the Panel says are drafting anomalies or minor inconsistencies in the wording of the Code. This section has six subsections: Offer documents, Target company statements, Notices of meeting, Compulsory acquisition, Communications, and Timing.