Every side of a takeover. One record of what the Panel decided.

Ask a takeovers question in plain English. TakeoversAI answers from every Australian Takeovers Panel decision since 2000, the Guidance Note that applied at the time, and the Federal Court cases that reviewed them — with every source one click away.

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For lawyers

Research the Panel the way you research a court.

Search by issue across every set of Panel reasons. Each principle is labelled Panel policy and tied to the Guidance Note paragraph that was in force when the Panel decided.

Links to the exact paragraph of the Panel’s reasons
The Guidance Note issue that applied at the time, not just today’s
Federal Court reviews shown alongside each decision

~650Takeovers Panel decisions since 2000, plus the Panel’s media releases

~2,650principles drawn from the reasons, each labelled Panel policy

86Guidance Note issues, linked to the paragraph in force at the time

Dailynew decisions and releases added, with Federal Court reviews linked

How an answer works

The same sources, framed for your seat.

How large a break fee will the Panel accept?

Panel policyGuidance Note 7 · issue in force

The Panel’s guideline treats a break fee of up to 1% of the target’s equity value as unlikely to give rise to unacceptable circumstances. It is not a safe harbour: the Panel weighs the fee alongside exclusivity, matching rights and the other protections in the deal as a whole.

What this means for the term sheet→ Size the fee against equity value.→ Read it together with exclusivity and matching rights.→ Above 1%, be ready to explain why it is not coercive.

Sources

Guidance Note 7 — Deal protectionThe issue in force at the time, to the paragraph

Panel decisionsThe reasons that applied it, to the paragraph

Federal Court reviewLinked wherever a decision was reviewed

Example for illustration. Answers in the product cite the specific decisions and paragraphs.

Policy is called policy

The Panel is not a court. Every principle drawn from its reasons is labelled Panel policy, so it is never mistaken for binding law.

The right version of the Guidance Note

Guidance Notes change. Each principle points to the exact paragraph of the issue in force on the day the Panel decided.

The court’s view, alongside

Where the Federal Court has reviewed a Panel decision, that case sits right beside it.

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