Models for Takeover Dispute Resolution: Australia and the UK

Emma Armson

Senior Lecturer , Faculty of Law, The University of Sydney, Australia

jcls Vol 5 Issue 2 (October 2005)

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Abstract

The United Kingdom (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.