New Zealand Law Society - Proposed changes to Takeovers Code revealed

Proposed changes to Takeovers Code revealed

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The Commerce and Consumer Affairs Minister Kris Faafoi has released for public consultation an exposure draft of changes to the Takeovers Code.

“The draft proposes a number of relatively minor changes to the Takeovers Code, which combined, greatly improve clarity, efficiency and transparency,” says Mr Faafoi.  

“One of the more significant proposals will allow communications relating to takeovers to be conducted electronically.”

“Other changes aim to ensure information disclosed to shareholders is clear and consistent, and that shareholders are fully informed about the entity which has a controlling interest.”

The proposals follow on from consultation undertaken by the Takeovers Panel in 2016, and changes to the Takeovers Code recommended by the Takeovers Panel in 2017.

You can find more information on the exposure draft and making a submission on MBIE’s website here.

Submissions close 25 May 2018.