IT has resolved more than 300 disputes, hastened court time and improved compliance in mergers and acquisitions. On the weekend, the Takeovers Panel turned 10 years old.
The Takeovers Panel, which can turn over a decision in just over two weeks, celebrated 10 years in its current form on Saturday.
Simon McKeon, the Panel’s president, said it has free up considerable court time as well as reduced the cost to both market participants and the public purse.
“Takeovers regulation in Australia is at the forefront of international best practice and the Panel has been well received by the business community as an efficient way to resolve issues concerning takeovers,” he said.
Since 13 March 2000, the Panel has resolved more than 300 disputes and dealt with “many novel takeovers” issues quickly and effectively, McKeon said.
“It is now a little over two years since the High Court, in Alinta, upheld our jurisdiction again. The Court noted the importance of the substantial commercial experience and judgement of Panel members in resolving takeovers disputes promptly.
“We are now, on average, completing the process from receipt of an application to making a decision and providing reasons in a little over two weeks,” he said.