Models for Takeover Dispute Resolution: Australia and the UK

Sydney Law School Research Paper No. 07/05

Journal of Corporate Law Studies, Vol. 5, No. 2, pp. 401-425, 2005

26 Pages Posted: 2 Mar 2006

See all articles by Emma Armson

Emma Armson

Faculty of Law, University of New South Wales

Abstract

The UK model of takeover dispute resolution was an important influence on recent reforms in Australia. The two regimes are examples of systems that rely primarily upon decision-making by Takeover Panels rather than the courts. This article examines the Australian and UK regulatory frameworks underpinning the Panels, the key principles underlying takeover regulation in both systems and the approach taken to decision-making. It analyses the often fundamental differences between the systems in terms of four key criteria chosen in light of the regulatory aims for both Panels, namely speed, transparency, flexibility and commercial approach. Notwithstanding the differences between the two regulatory frameworks, this comparative analysis provides insights for these and other systems. This is particularly the case given similarities between the UK and other non-judicial systems, and common objectives in takeover regulation internationally.

Keywords: Takeovers, Takeover Panel, Takeover policy, Comparative takeover law, Australia, United Kingdom, City Code and General Principles

JEL Classification: K22

Suggested Citation

Armson, Emma, Models for Takeover Dispute Resolution: Australia and the UK. Sydney Law School Research Paper No. 07/05, Journal of Corporate Law Studies, Vol. 5, No. 2, pp. 401-425, 2005, Available at SSRN: https://ssrn.com/abstract=887031

Emma Armson (Contact Author)

Faculty of Law, University of New South Wales ( email )

Kensington, New South Wales 2052
Australia

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