Australia's takeover laws and regulations limit aggressive defensive tactics commonly seen in other jurisdictions. ASX-listed companies also face additional restrictions during control transactions. However, Australian takeover targets are not without defences and strategic and advanced planning is essential to resist undervalued bids and maximise value.
That is not to say that an Australian takeover target is defenceless in a takeover situation, but rather to highlight the need for strategic and advanced planning to place your company in the best position to resist undervalued approaches and extract the maximum value at the appropriate time.
Released fortnightly, we have put together a ten-part Australian Takeover Defence Series, which is aimed at providing real and tactical insight for target boards who may be faced with a control transaction.
Part 1: Before the approach is made
Part 2: The approach
Part 3: The response to the approach
Don't miss the next part of the Australian Takeover Defence series where we will consider the approaches that may be made by a bidder. Subscribe to our Corporate Advisory and Governance mailing list here.