find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Takeover bids increasing and faster: report

Takeover bids increasing and faster: report

Takeover bids are increasing in number and are moving faster, a new report into the Australian market reveals.

Takeover bids are increasing in number and are moving faster, a new report into the Australian market reveals.

A new M&A report released today by Gilbert + Tobin shows that despite claims that schemes of arrangement are more popular, takeover bids comprised 52 per cent of all $50 million-plus transactions of 2011.

This is up from 45 per cent in 2010. For higher value transactions of over $1 billion, this figure increases to 57 per cent. The figures include takeover bids for Equinox Minerals, Macarthur Coal and Minara Resources.

“It seems then that the takeover bid is back,” the new report, Takeovers and Scheme Review 2012, states. This is particularly true in mining, resources and energy.

“Given share prices are still general down, target boards may be reluctant to engage on schemes at historically low prices. Takeover bids being made direct to shareholders can take target boards out of the equation and force the issue,” said Gilbert + Tobin Melbourne partner Neil Pathak.

Takeover bids also moved faster in 2011, according to the report.

Successful bidders proceeded to compulsory acquisition on average within 76 days of announcing the transaction. This was much fast than the previous year, when on average bidders took 103 days to reach the same point.

The Gilbert + Tobin authors say the high proportion of cash bids, which offer certainty of value, and the increase in agreed deals, give shareholders the added comfort of their board’s endorsement to encourage acceptances.

 

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Takeover bids increasing and faster: report
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...