Models for Takeover Dispute Resolution: Australia and the UK

Abstract

The 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.