CODEWORD
CodeWord Issue 58 - October 2025
Published 2 October 2025
In this issue
Updates to Guidance Notes
Introduction
Following recent transactions, the Panel has updated the following Guidance Notes:
Defensive Tactics;
Offer Documents and Variations; and
Unlisted Code Companies.
Broadly, the updates…
The Panel's approach to cost disputes
In November 2024, Vital Limited (Vital) sought a reimbursement determination under section 49(2)(b) of the Takeovers Act 1993 in respect expenses incurred in response to the takeover notices issued…
Read MoreThe Panel’s law reform recommendations on the civil enforcement regime
In February 2025, the Panel consulted on potential law reform proposals in relation to the Court-ordered enforcement measures that may apply in response to potential breaches of the Takeovers Code…
Read MoreCodeWord is our regular newsletter that keeps market practitioners updated on the Panel’s guidance and determinations, as well as amendments to takeovers law.
Please note that the Panel does not update past issues of CodeWord. As such, the material may become out of date over time. Please refer to the Panel's guidance notes for up-to-date regulatory guidance.
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October 2025 - Issue 58
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