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Clifford Chance

Clifford Chance


What's Market?: Exclusivity and Cost Reimbursement During the Pre-Bid Phase

29 February 2024

After the surge of deal activity in Australian public markets in 2021 and the first half of 2022 and decisions of the Takeovers Panel (the Panel) in relation to exclusivity arrangements in a number of highly contested transactions (Ausnet Services Limited 01 and Virtus Health Limited 01 and 02), the Panel commenced consultation on reforms to Guidance Note 7: Lock Up Devices. In August 2023, the Panel released its refreshed guidance, which included renaming the guidance note to Guidance Note 7: Deal Protection.

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