Technical amendments to the Takeovers Code

Published 1 May 2007

The Takeovers Code is amended by the Takeovers Code Approval Amendment Regulations 2007 which come into force on 1 July 2007. This CodeWord explains the technical amendments in general terms and may be used as a broad guide to the changes. The unofficial version of the Takeovers Code on the Panel’s website (www.takeovers.govt.nz) has been updated to incorporate the technical amendments.

The Takeovers Code Approval Amendment Regulations 2007 (the amendment regulations) apply to any takeover made under a takeover notice that is sent to the target company on or after 1 July 2007. They also apply to a shareholder meeting held under rule 7(c) or 7(d) if the notice of meeting was sent to shareholders on or after 1 July 2007.

Details of the Panel’s recommendations for the amendments and discussions of their intended effects are in the discussion papers and recommendations to the Minister of Commerce published on the Panel’s website www.takeovers.govt.nz.