LAW7045

Takeovers ( 6 points, SCA Band 3, 0.125 EFTSL)

Leader: Mr Bruce Dyer / Mr Michael Hoyle

Offered:
Not offered in 2006.

Synopsis: The subject will address: 1) the desirability of takeovers and the need for regulation; 2) the general scheme of regulation in Australia; 3) the principal means of effecting takeovers; 4) defensive strategies and tactics; 5) compulsory acquisition; 6) the regulatory structure, including the respective roles and powers of the Australian Securities and Investments Commission, the Takeovers Panel, the Australian Competition and Consumer Commission and the Australian Stock Exchange Ltd; and 7) the means by which regulatory decisions may be challenged.

Objectives: Students who successfully complete this subject should: (1) be able to analyse the circumstances of a potential offeror and a proposed target company and provide advice as to (a) the principal means by which a takeover may be effected (and the advantages and limitations of each alternative), (b) how to prepare for and conduct the takeover, and (c) the defensive strategies and tactics available to the target company to oppose the takeover; (2) be familiar with the structure of regulation of takeovers in Australia including the respective roles and principal powers of the Australian Securities and Investments Commission, the Australian Stock Exchange Ltd, the Takeovers Panel and the Australian Competition and Consumer Commission, and extent to which the decisions of these bodies are subject to appeal or review; (3) be able to analyse and examine critically arguments concerning the desirability and effects of takeovers and the regulation of takeovers; and (4) find that their research skills, and their ability to construe and apply a complex statutory scheme, are both enhanced.

Assessment: Research paper (3750 words): 50% + Take-home examination (3750 words): 50%

Contact Hours: One 2-hour seminar per week

Prerequisites: LAW4171 Corporations Law or LAW7277 Advanced Corporations Law or equivalent