Working with Judicial Review: The New Operation of the Takeover Panel

Abstract

This article examines the position of the Takeovers Panel in light of the scope for judicial review of its decisions. In 2000, the role of the Panel was transformed to make it the primary forum for resolving disputes during a takeover bid. However, opportunities for judicial review have the potential to compromise this role. The first judicial review cases reinforced these concerns in invalidating two Panel decisions. Following this, the Panel’s jurisdiction was amended significantly and the High Court subsequently upheld its constitutional validity. The recent decision of the Full Court of the Federal Court in CEMEX Australia Pty Ltd v Takeovers Panel further strengthens the Panel’s position in regard to judicial review of its decisions.