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    • Control and Association
    • Compulsory Acquisition
    • Costs Recovery
    • Creeping Acquisitions
    • Defensive Tactics
    • Exemptions
    • Fees and Charges
    • Independent Advisers
    • Limited Partnerships
    • Lock-up Agreements
    • Misleading or Deceptive Conduct
    • Offer Documents and Variations
    • Rule 20 and Collateral Arrangements
    • Schemes of Arrangement
    • Section 32 of the Takeovers Act 1993
    • Target Company Statements
    • Timing Rules
    • Unlisted Code Companies
    • Upstream Acquisitions
  • CodeWord
    • Issue 57 (October 2024)
      • The Panel's approach to deal protection devices
      • Panel Christmas close down period
      • Panel welcomes new Panel member
    • Issue 56 (July 2024)
      • Revisions to the Panel’s Guidance Note on Schemes of Arrangement
      • Revisions to the Panel’s Basic Guide for Directors and Basic Guide for Shareholders
      • Update on the regulatory alignment of schemes and Code offers and regulation of deal protection devices
    • Issue 55 (November 2023)
      • Revisions to the Panel’s Guidance Notes on Misleading or Deceptive Conduct, Independent Advisers and Schemes of Arrangement
      • Reminder of how market participants should engage with the Panel
      • Panel consults on regulatory alignment of schemes and Code offers and deal protection devices
      • The Panel welcomes new Panel members
      • Christmas closedown 2023
    • Issue 54 (May 2022)
      • Revisions to the Panel’s Guidance Note on Schemes of Arrangement
      • Deal protection devices
    • Issue 53 (November 2021)
      • Clarificatory amendment to the Voting Agreements Class Exemption
      • Updates to the Guidance Note on Upstream Acquisitions
      • Christmas Closedown
    • Issue 52 (August 2021)
      • Guidance on acceptance forms
      • 20 years of the Takeovers Code
      • Panel consults on proposed amendments to capital markets legislation
      • Class exemption for Catalist Public Market
    • Issue 51 (Sept 2020)
      • Be careful with the Code if you hold shares through different entities
      • New Class Exemption – Voting Agreements in Schemes of Arrangement
      • Guidance Update
      • COVID-19 Class Exemption
      • No more cheques
    • Issue 50 (Nov 2019)
      • Limited Partnerships and Control of Code Company Voting Rights
      • Code to Exclude Small Code Companies
      • Christmas Closedown
    • Issue 49 (Sept 2019)
      • Guidance Update
      • Inaccurate Public Documents
      • New Class Exemption for Registered Charitable Trusts
    • Issue 48 (Mar 2019)
      • Partial Offers - Specified Percentage
      • Guidance Update
      • New Panel Member Appointments
      • Extension of 6-month period in the Class Exemptions Notice
    • Issue 47 (Oct 2018)
      • Technical amendments to the Takeovers Code
      • Full terms of securities to be included with Class Notices
      • The Panel’s interpretation of “share parcels”
      • Disclosure of information to the Panel
      • New website
    • Issue 46 (Mar 2018)
      • Update to Guidance Notes
      • Class Exemption from Rule 46(1)
      • Takeovers Panel welcomes new General Counsel
    • Issue 45 (Dec 2017)
      • Failure to comply with an exemption condition
      • Removal of certification requirements in Scheme documents
      • Appointments and departures
      • Christmas closedown
    • Issue 44 (Jun 2017)
      • Cost disputes now to be determined by the Panel
      • Call scripts, shareholder presentations, slides and other information published or sent to offerees – a reminder to the market
      • Date of target company statement
      • Recent application and interpretation of rules 42A and 42B
      • Guidance Notes have been updated
      • Class exemption notice has been updated
    • Issue 43 (Dec 2016)
      • Small Code companies class exemption notice
      • Timing rules calculator
      • Update: Technical amendments to the Code
      • The meaning of “effective control”
      • Appointments and departures
      • Christmas closedown
    • Issue 42 (Oct 2016)
      • A farewell to David Jones
      • Interest Classes in Schemes of Arrangement
      • Disaggregation of holding or control
      • New timing rules calculator – watch this space!
      • Appointments to the Panel
      • MOU with the FMA
    • Issue 41 (Dec 2015)
      • The Takeovers Code and multiple offerors
      • Rule 25(1) and shareholder approval conditions in offers
      • Exemption where no information has been provided to any regulatory bodies
      • Update on Panel Members
      • Christmas closedown
    • Issue 40 (Sept 2015)
      • Two reminders for Code companies and their directors about Code compliance
      • Exemption for intra-group transfers to natural person controllers
      • Exemption for “small Code companies”
      • Guidance Note on rule 64 of the Code
      • Additional disclosure requirement for applications for approval to act as independent adviser
      • Guidelines for fees and charges
    • Issue 39 (Apr 2015)
      • Lock-up agreements and shareholders’ agreements – are the parties ‘associates’?
      • The scope of the Takeovers Code (Trustees of Family Trusts) Exemption Notice 2012 has been clarified
      • Panel resolves to approve class exemption for small Code companies
    • Issue 38 (Mar 2015)
      • Additional disclosures required for Independent Adviser applications
      • Independent adviser’s report may not be required for no-objection statements from the Panel
      • Guidance Note on Offer Documents has been amended
      • Case studies added to Guidance Note on Upstream Acquisitions
    • Issue 37 (Oct 2014)
      • Partial Offers - Specified Holder Certificates under Rules 14a-14e and Family Trusts
      • Synlait Farms Exemption 2014
      • Takeover Notices – Don’t Forget Rule 44(1)(E)
      • Transactions Records on the Panel’s Website
      • Substantial Holder Notices – Increases in Voting Rights under Exemptions from the Code
    • Issue 36 (May 2014)
      • Crowd Funding, Small Offers and the Takeovers Code
      • Guidance Note on Schemes of Arrangement and Amalgamations under Part 15 of the Companies Act 1993
      • Ongoing Review of Guidance Material
      • Appointment to the Panel
      • Basic Guides about the Takeovers Code
    • Issue 35 (Nov 2013)
      • Guidance on the Meaning of “Imminent” in Rule 38(1) of the Code
      • Erratum: Rule 24c(1)(A) of the Code
      • Rule 3a(2) – What Starts with the Code, Ends with the Code
      • Consolidation of Guidance Notes
    • Issue 34 (May 2013)
      • Technical Amendments to the Code
      • Changes relating to partial offers
      • Changes relating to shareholder meetings
      • Changes relating to offer documentation / process
      • Other Changes
    • Issue 33 (Apr 2013)
      • Updates on Guidance Materials
      • Recommendations by Target Company Directors
      • Appointments to the Panel
    • Issue 32 (Nov 2012)
      • Takeovers Amendment Act 2012 - New Definition of Code Company
      • Update on Panel Members
      • The Panel has granted a class exemption for trustees of family trusts
      • Guidance Note on defensive tactics
      • New website
    • Issue 31 (Jun 2012)
      • Updating the Panel’s Process for the Approval of Independent Advisers
      • Directors’ Statements during Takeovers and Rule 64 of the Code
    • Issue 30 (Feb 2012)
      • Small Code Companies and Compliance with the Takeovers Code
      • Limited Partnerships and Control of Code Company Voting Rights
    • Issue 29 (Sept 2011)
      • Marlborough Lines Limited and Horizon Energy Distribution Limited
      • New Class Exemption – Fair Scaling of Acceptances of Partial Offers
      • Target Company Statements – Directors’ Disclosure Obligations – Specialist Advice
      • Offeror’s Intentions for the Business Activities of the Target Company – Panel’s Expectations for Disclosures in Offer Document
      • Law Changes Under Regulatory Reform Bill 2010 Move Forward
      • Appointments to the Panel and Executive Team
    • Issue 28 (Feb 2011)
      • Law Changes for Schemes of Arrangement Move Forward
      • Panel Grants Rule 16(B) Class Exemption and Amends Buyback Class Exemption
      • Guidance Note – Rule 30 of the Code and Changes to the Capital Structure of the Target Company during the Offer Period
    • Issue 27 (Jul 2010)
      • Guidance Note – Upstream Acquisitions
    • Issue 26 (May 2010)
      • Rule 20 of the Code and Collateral Arrangements in a Takeover
      • Guidance Note – Payment of Takeover Consideration in Foreign Currency
      • Calculating the Specified Percentage for a Partial Takeover Offer
      • Extension of Offer Period for a Partial Offer
    • Issue 25B (Jul 2010)
      • Guidance Note – Timing Rules in the Code
      • Guidance Note – Rule 7(E) of the Code and Joint Holders or Controller of Voting Rights
      • Delegation to Panel Executive to Decide Straightforward Applications for Approval to Act as an Independent Adviser
    • Issue 24 (Dec 2008)
      • Guidance Note: Recovery of Expenses under Rule 49(2) of the Code
      • Erratum: Kerifresh Transactions
      • Panel Member Changes
      • Panel Appointments
    • Issue 23 (Jun 2008)
      • Kerifresh transactions
      • Broker Handling Fees in a Takeover
      • Panel becomes Employer of its Executive Staff
    • Issue 22 (Dec 2007)
      • New Rule 64 – Misleading or Deceptive Conduct
      • Conditional Acceptance Facilities can Provide Flexibility
      • Guidance Note: The meaning of 50 or more shareholders in the definition of Code company
    • Issue 21 (Sept 2007)
      • Independent Advisers
      • The evolution of independent adviser reports and the use of “fairness”
      • Use of subcontractors by approved independent advisers
      • Comment on partial offers
      • The independence of advisers when successive offers are made by the same offeror for the same target company
      • New Members of the Takeovers Panel
    • Issue 20 (May 2007)
      • Technical amendments to the Takeovers Code
      • Changes relating to shareholder meetings for approving acquisitions or allotments
      • Changes relating to takeovers
      • Clarification of some rules and some miscellaneous technical adjustments
      • Transitional arrangements and References
    • Issue 19 (Apr 2007)
      • Valediction - John King
      • Exemptions for IPOs
      • Revised policy on exemptions for Companies Act schemes of arrangement
      • Waiveable Offer Conditions
    • Issue 18 (Dec 2006)
      • Dominion Income Property Fund Limited Scheme of Arrangement
      • The Panel’s first action in the High Court in Auckland
      • Court of Appeal decision
      • Outcomes and Future Policy
    • Issue 17 (Nov 2006)
      • Amendments to the Takeovers Act and the Code
      • Changes to the definition of Code company
      • Misleading and deceptive conduct
      • Changes to the Panel’s enforcement powers
      • Changes to the penalties and remedies available under the Takeovers Act
      • Transitional arrangements
    • Issue 16 (May 2006)
      • The Oyster Bay Case – Part 2
      • Rank Group Investments & Carter Holt Harvey
      • Guidance Note - Restrictive Conditions
      • Schemes of Arrangement & Inconsistencies between the Code & the Companies Act
      • Misleading The Panel
    • Issue 15 (Nov 2005)
      • Takeover Documents - Compliance with the Code
      • Practice Note - exemptions from clause 26 of schedule 2 of the Code
      • Oyster Bay - Panel decision on omission of material information in target company statement upheld by High Court
      • Update on Exemptions - Conversion of equity securities acquired under a takeover offer
      • Update on Associates - Calgary Petroleum Limited
    • Issue 14 (Apr 2005)
      • Associates and Acquisitions
      • Examples of association
      • Lock-up agreements and Shareholder powers
      • Consequences of associate status
    • Issue 13 (Jan 2005)
      • The Takeovers Panel’s exemption power
      • Upstream acquisitions
      • Differential offers
      • Scrip offers and overseas shareholders
      • Offers for convertible securities
      • Conclusion
    • Issue 12 (Jun 2004)
      • Independent expert appointed
      • Clause 20 – Disclosure of valuations
      • Panel intervenes in takeover
      • Exemptions from Rule 22
      • Panel considers allegations of defensive tactics
      • Directors Certificates – Trans Tasman Properties
      • Professional Underwriters Class Exemption
      • The Panel Meets the Markets
      • Technical Amendments to the Code
    • Issue 11 (Mar 2004)
      • How the Code applies to lock-up agreements
      • Exemptions for Schemes of Arrangement
      • Scrip offers
      • Fees for Section 32 Meetings
      • Richmond / PPCS – class exemption
      • Dominion Retail / Tri-City – misleading offer document
      • Cedenco / SK Foods – compulsory acquisition exemption
      • Underwriters Exemption Review
    • Issue 10 (Sept 2003)
      • Independent Advisers – Lowe Corporation and Rule 20
      • Buyback Class Exemption – TrustPower
      • Rule 6(2) – Associates – Designer Textiles and Gould Holdings
      • Associates – Aggregation of Holdings – Designer Textiles and Rutherford Family
      • Initial Public Offering – Jade Exemption
      • Underwriting – GPG and Tower
      • Defensive Tactics – Toll and Tranz Rail
    • Issue 09 (Apr 2003)
      • Guidance Note to assist Independent Advisers
      • Minister announces Panel Appointments
      • Practice Notes – variations of Code offers & variable pricing
      • Comments on Exemptions Declined
      • Proposed Amendments to the Takeovers Code
      • Keep up to date with Panel Decisions
    • Issue 08 (Dec 2002)
      • Comment on Exemptions
      • Class Exemptions
      • Exemptions Relating to Notices of Meeting
      • Exemptions Relating to Upstream Acquisitions
    • Issue 07 (Sept 2002)
      • Explanation of the anti-avoidance provisions of the Takeovers Code
      • Part 1: Control and Associates under Rule 6(1)
      • Part 2: The Deeming Provisions in Rule 6(2)
    • Issue 06 (Sept 2002)
      • Practice Notes
      • Clause 13 of schedule 1 of the Code
      • Clauses 6 and 7 of Schedule 1 of the Code
      • Conditions in Takeover Offers - Payment of Consideration
      • Takeover Offers - Rule 25(1) & Clause 9 of Schedule 1 of the Code
    • Issue 05 (May 2002)
      • What Does The Panel Do?
      • Introducing the Panel’s Executive
      • Comment on Exemptions
      • John King joins The Australian Panel
      • ‘Creeping’ Under Rule 7(E)
      • Hon Paul Swain comments on the Code
    • Issue 04 (Dec 2001)
      • The Code’s First 100+ Days
      • Denis Byrne joins the Panel
      • Comments on Exemptions
      • Comment on Rule 16
      • Comments on Independent Advisers
      • Comments on Enforcement
    • Issue 03 (Sept 2001)
      • Takeovers Panel Policies
      • Policy on the approval of Independent Advisers
      • Policy on the appointment of Experts
      • Policy relating to Receipt of Takeover Documents
      • Guide to applying for Exemptions from the Takeovers Code
    • Issue 02 (Jun 2001)
      • Class Exemptions from the Takeovers Code - a summary
      • Transitional provisions for the Code coming into force
      • No mandatory bid rule in NZ Takeovers Code
      • Relationship between the Takeovers Panel and the Securities Commission
      • How the Code permits voting rights to be increased
      • Frequently Asked Questions
      • Featured: David Jones, Deputy Chairperson of the Takeovers Panel
    • Issue 01 (Feb 2001)
      • Objectives of CodeWord
      • The Takeovers Panel and its members
      • The Code in business language
  • Timing Rules Calculator
  • Basic Guide for Directors
  • Basic Guide for Shareholders
  • Forms and Templates
• Exemptions
  • Class Exemptions
  • Individual Exemptions
    • Current Exemptions
      • Foodstuffs North Island Limited – Exemption Notice 2023
      • Fulton Hogan Limited - Exemption Notice 2023
      • Rangatira Limited - Exemption Notice 2022
      • Ruapehu Alpine Lifts Limited - Exemption Notice 2022
      • Smith & Caughey Holdings Limited - Exemption Notice 2024
      • The Todd Corporation Limited - Exemption Notice 2024
      • Vector Limited - Exemption Notice 2020
      • Rangatira Limited - Exemption Notice 2024
      • Scott Technology Limited - Exemption Notice 2024
    • Expired Exemptions
      • A-B
        • A2 Corporation Limited - Exemption Notice 2010
        • A2 Corporation Limited – Exemption Amendment Notice 2010
        • A2 Corporation Limited - Exemption Notice 2008
        • A2 Corporation Limited – Exemption Notice 2005
        • Abano Healthcare Group Limited – Exemption Notice 2009
        • Abano Healthcare Group Limited – Exemption Notice 2008
        • A.B.C. Learning Centres Limited – Exemption Notice 2004
        • ABN AMRO Craigs Limited – Exemption Notice 2008
        • ABN AMRO Capital (Belgium) N.V. – Exemption Notice 2002
        • Active Equity Managers Limited – Exemption Notice 2006
        • Acurity Health Group Limited – Exemption Notice 2015
        • AFFCO Holdings Limited - Exemption Notice 2006
        • AFFCO Holdings Limited - Exemption Notice (No 2) 2006
        • AFFCO Holdings Limited - Exemption Notice 2002
        • Air New Zealand Limited - Exemption Notice 2001
        • AMP NZ Office Limited - Exemption Notice 2011
        • AMP NZ Office Limited - Exemption Notice 2010
        • AMP NZ Office Limited - Revocation of Exemption Notice 2023
        • Auckland Energy Consumer Trust – Exemption Notice 2014
        • Auckland Energy Consumer Trust - Exemption Notice 2009
        • Auckland Energy Consumer Trust - Exemption Notice 2005
        • Auckland Energy Consumer Trust - Exemption Notice (No 2) 2005
        • Auckland Energy Consumer Trust - Exemption Notice 2004
        • Augusta Capital Limited - Exemption Notice 2020
        • Bacardi New Zealand Holdings Limited - Exemption Notice 2006
        • Beauty Direct and Online Limited - Exemption Notice 2005
        • Bethunes Investments Limited – Exemption Notice 2017
        • Biovittoria Limited - Exemption Notice 2009
        • Biovittoria Limited - Exemption Amendment Notice 2010
        • BLIS Technologies Limited - Exemption Notice 2009
        • Blue Star Print Group Limited - Exemption Notice 2006
        • Botry-Zen Limited - Exemption Notice 2005
        • Brunel Holdings plc - Exemption Notice 2002
        • Burger Fuel Worldwide Limited – Exemption Notice 2014
        • Burns Philp Finance New Zealand Limited - Exemption Notice 2006
      • C-D
        • CanWest MediaWorks (NZ) Limited - Exemption Notice 2007
        • Canadian National Railway Company - Exemption Notice 2001
        • Capital Properties New Zealand Limited - Exemption Notice 2005
        • Chow Group Limited - Exemption Notice 2016
        • Chow Group Limited - Exemption Notice (No 2) 2016
        • Claridge Capital Limited - Exemption Notice 2012
        • Craigs Investment Partners Limited - Exemption Notice 2010
        • Cynotech Holdings Limited - Exemption Notice 2009
        • Cynotech Holdings Limited - Exemption Notice (No 2) 2009
        • Dairy Trust Limited - Exemption Notice 2008
        • Data Advantage Limited - Exemption Notice 2001
        • Delegat's Group Limited - Exemption Notice 2010
        • Delegat’s Group Limited - Exemption Notice 2009
        • Delegat’s Wine Estate Limited - Exemption Notice 2010
        • Designer Textiles (NZ) Limited - Exemption Notice 2002
        • Diageo plc - Exemption Notice 2005
        • Dorchester Pacific Limited - Exemption Notice 2010
        • Dorchester Turners Limited - Exemption Notice 2014
        • Durante Holdings Pty Limited - Exemption Notice 2011
      • E-F
        • Eastern Bay Energy Trust - Exemption Notice 2013
        • Eastern Bay Energy Trust - Exemption Notice 2007
        • Eastern Bay Energy Trust - Exemption Notice 2002
        • Eastern Hi Fi Group Limited - Exemption Notice 2009
        • E-cademy Holdings Limited - Exemption Notice 2001
        • ElderCare New Zealand Limited - Exemption Notice 2002
        • Equity Partners Infrastructure Company No 1 Limited - Exemption Notice 2014
        • Evolve Education Group Limited - Exemption Notice 2014
        • Fidelity Life Assurance Company Limited - Exemption Notice 2006
        • Finzsoft Solutions Limited - Exemption Notice 2020
        • Fisher & Paykel Industries Limited and Others - Exemption Notice 2001
        • Foodstuffs North Island Limited – Exemption Notice 2019
        • Foodstuffs North Island Limited – Exemption Notice 2014
        • Force Corporation Limited - Exemption Notice 2001
        • Fronde Systems Group Limited - Exemption Notice 2022
        • Fulton Hogan Limited – Exemption Notice 2018
        • Fulton Hogan Limited – Exemption Notice 2015
        • Fulton Hogan Limited - Exemption Amendment Notice 2014
        • Fulton Hogan Limited - Exemption Notice 2009
        • Fulton Hogan Limited - Exemption Notice 2007
        • Fulton Hogan Limited - Exemption Notice (No 2) 2007
      • G-H
        • GeoOp Limited – Exemption Notice 2017
        • GeoOp Limited - Exemption Notice 2016
        • Guinness Peat Group plc - Revocation of Exemption Notice 2003
        • High Glory Investments Limited - Exemption Notice (No 2) 2005
        • High Glory Investments Limited - Revocation of Exemption Notice (No 2) 2005
      • I-J
        • ICP Biotechnology Limited - Exemption Notice 2007
        • Independent Newspapers Limited - Exemption Notice 2003
        • Infinity Group Limited - Exemption Notice 2001
        • Infratil Limited - Exemption Notice 2010
        • Infratil Limited - Exemption Notice 2008
        • Infratil Limited - Exemption Notice 2004
        • ING Property Trust Holdings Limited - Exemption Notice 2005
        • IT Capital Limited - Exemption Notice 2003
        • IT Capital Limited - Exemption Notice 2002
        • IT Capital Limited - Exemption Notice (No 2) 2002
        • Jade Software Corporation Limited - Exemption Notice 2003
        • Just Water International Limited - Exemption Notice 2009
        • Just Water International Limited - Exemption Notice (No 2) 2009
        • Just Water International Limited - Exemption Notice (No 3) 2009
        • Just Water International Limited - Exemption Notice 2005
      • K-L
        • Kathmandu Holdings Limited - Exemption Notice 2015
        • Kerifresh Limited - Exemption Notice 2008
        • Kidicorp Group Limited - Exemption Notice 2007
        • Kingsgate International Corporation Limited - Exemption Notice 2004
        • L&M Energy Limited - Exemption Notice 2012
        • L&M Energy Limited - Exemption Notice 2010
        • L&M Petroleum Limited - Exemption Notice 2009
        • Life Pharmacy Limited - Exemption Notice 2009
        • Life Pharmacy Limited - Exemption Notice 2007
      • M-N
        • Mainfreight Limited - Exemption Notice 2003
        • Martinborough Vineyard Estates Limited - Exemption Notice 2014
        • Mascot Finance Limited - Exemption Notice 2008
        • Metlifecare Limited - Exemption Notice 2009
        • Metlifecare Limited - Exemption Notice 2006
        • Metlifecare Limited - Exemption Notice 2007
        • Metlifecare Limited - Exemption Notice 2005
        • MFS Limited - Exemption Notice 2006
        • Michael Hill International Limited - Exemption Notice 2014
        • Michael Hill International Limited - Exemption Notice 2010
        • Millennium & Copthorne Hotels New Zealand Limited and CDL Investments New Zealand Limited - Exemption Notice 2017
        • Mike Pero Mortgages Limited - Exemption Notice 2006
        • Mr Chips Holdings Limited - Exemption Notice 2008
        • MWH Holdings Limited - Exemption Notice 2016
        • Neuren Pharmaceuticals Limited - Exemption Notice 2016
        • New Image Group Limited - Exemption Notice 2013
        • Newmont Mining Corporation - Exemption Notice 2002
        • New Zealand Clearing Limited and New Zealand Depository Limited - Exemption Notice 2010
        • New Zealand Experience Limited - Exemption Notice 2009
        • New Zealand Finance Holdings Limited - Exemption Notice 2006
        • New Zealand Finance Holdings Limited - Exemption Notice 2005
        • New Zealand Local Government Insurance Corporation Limited - Exemption Notice 2010
        • Normandy NFM Limited - Exemption Notice 2002
        • Normandy NFM Limited - Exemption Notice 2001
        • NZ Airport NC Limited - Exemption Notice 2008
        • NZ Airport NC Limited - Exemption Notice 2007
        • NZ Windfarms Limited - Exemption Notice 2010
      • O-P
        • Open Country Dairy Limited - Exemption Notice 2012
        • Open Country Dairy Limited - Exemption Notice (No 2) 2012
        • Open Country Dairy Limited - Exemption Notice 2010
        • Opus International Consultants Limited - Exemption Notice 2014
        • Opus International Consultants Limited - Exemption Notice 2009
        • Orb a.r.l. - Exemption Notice 2002
        • Orb a.r.l. - Exemption Amendment Notice 2002
        • Origin Energy New Zealand Limited - Exemption Notice 2004
        • Ormiston Surgical & Endoscopy Limited - Exemption Notice 2011
        • Pacific Print Group Limited- Exemption Notice 2006
        • Pacific Print Group Limited - Exemption Notice 2005
        • Pacific Print Group Limited - Exemption Notice (No 2) 2005
        • Pacific Retail Group Limited and ElderCare New Zealand Limited - Exemption Notice 2003
        • Pacific Retail Group Limited and ElderCare New Zealand Limited - Exemption Notice 2002
        • Pen Investments Limited - Exemption Notice 2007
        • Pernod Ricard S.A. - Exemption Notice 2005
        • PGG Wrightson Limited - Exemption Notice 2018
        • Pharmacybrands Limited - Exemption Notice 2012
        • Pharmacybrands Limited - Exemption Notice 2007
        • Phitek Systems Limited - Exemption Notice 2009
        • Phitek Systems Limited - Exemption Notice 2008
        • Phitek Systems Limited - Exemption Notice (No 2) 2008
        • Pike River Coal Limited - Exemption Notice 2010
        • Pike River Coal Limited - Exemption Notice 2009
        • Pike River Coal Limited - Exemption Notice 2007
        • Prime Infrastructure Networks (New Zealand) Limited - Exemption Notice 2004
        • Promisia Integrative Limited - Exemption Notice 2018
        • Pyne Gould Corporation Limited - Exemption Notice 2011
      • Q-R
        • Rakon Limited - Exemption Notice 2006
        • Rangatira Limited – Exemption Notice 2014
        • Rangatira Limited - Exemption Notice (No 2) 2014
        • Rangatira Limited - Exemption Notice 2009
        • Rangatira Limited - Exemption Notice 2017
        • Renaissance Corporation Limited - Exemption Notice 2005
        • RetailX Limited - Exemption Notice 2005
        • Revocation of Exemptions Notice 2011
        • Richina Pacific Limited - Exemption Notice 2002
        • Richina Pacific Limited - Exemption Amendment Notice 2003
        • Richmond Limited - Exemption Notice 2004
        • Richmond Limited - Exemption Notice 2003
        • Richmond Limited – Exemption Amendment Notice 2003
        • RLV No. 3 Limited - Exemption Notice 2008
        • Rubicon Forests Limited - Exemption Notice 2004
        • Rubicon Limited - Exemption Notice 2009
        • Rural Equities Limited - Exemption Notice 2020
        • Rural Portfolio Investments Limited - Exemption Notice 2004
      • S-T
        • S8 Limited and S8 NZ Pty Limited - Exemption Notice 2006
        • Sanford Limited - Exemption Notice 2013
        • Sanford Limited - Exemption Notice (No 2) 2006
        • Sanford Limited - Exemption Notice 2005
        • Scales Corporation Limited - Exemption Notice 2014
        • Scott Technology Limited - Exemption Notice 2016
        • SeaDragon Limited - Exemption Notice 2016
        • SeaDragon Limited - Exemption Notice 2021
        • Sealegs Corporation Limited - Exemption Notice 2007
        • Sealegs Corporation - Exemption Amendment Notice 2007
        • Silver Fern Farms Limited - Exemption Notice 2008
        • Skellerup Holdings Limited - Exemption Notice 2011
        • SK Foods International - Exemption Notice 2003
        • Sky City Leisure Limited - Exemption Notice 2004
        • Smith & Caughey's Holdings Limited - Exemption Notice 2018
        • Smith & Caughey Holdings Limited - Exemption Notice 2013
        • Software of Excellence International Limited - Exemption Notice 2007
        • South Canterbury Finance Limited - Exemption Notice 2008
        • Southern Hospitality Limited - Exemption Notice 2021
        • Southern Travel Holdings Limited - Exemption Notice 2009
        • Speirs Group Limited - Exemption Notice 2011
        • Speirs Group Limited - Exemption Notice 2009
        • Speirs Group Limited - Exemption Notice 2006
        • St Laurence Holdings Limited - Exemption Notice 2005
        • St Laurence Property & Finance Limited - Exemption Notice 2006
        • St Laurence Property & Finance Limited - Exemption Notice 2003
        • Synlait Farms Limited - Exemption Notice 2014
        • Synlait Milk Limited - Exemption Notice 2013
        • Synlait Limited - Exemption Notice 2008
        • Talleys Fisheries Limited - Exemption Notice 2007
        • Tauranga Energy Consumer Trust – Exemption Notice 2016
        • Tauranga Energy Consumer Trust - Exemption Notice (No 2) 2016
        • Tauranga Energy Consumer Trust - Exemption Notice 2008
        • Tauranga Energy Consumer Trust - Exemption Notice 2007
        • Tauranga Energy Consumer Trust - Exemption Notice 2003
        • Te Kairanga Wines Limited - Exemption Notice 2009
        • Te Kairanga Wines Limited - Exemption Notice 2007
        • Te Kairanga Wines Limited - Exemption Notice 2004
        • Tegel Group Holdings Limited - Exemption Notice 2016
        • Terra Vitae Vineyards Limited - Exemption Notice 2021
        • Terra Vitae Vineyards Limited - Exemption Notice 2021
        • The Tindall Foundation - Exemption Notice 2006
        • The Todd Corporation Limited - Exemption Notice 2022
        • The Todd Corporation Limited - Exemption Notice 2021
        • The Todd Corporation Limited – Exemption Notice 2016
        • The Todd Corporation Limited - Exemption Notice 2011
        • The Todd Corporation Limited - Exemption Notice 2007
        • The Todd Corporation Limited - Exemption Notice (No 2) 2007
        • The Todd Corporation Limited - Exemption Notice 2004
        • The Todd Corporation Limited - Exemption Notice (No 2) 2004
        • The Todd Corporation Limited - Exemption Notice 2002
        • The Warehouse Group Limited – Exemption Notice 2016
        • The Warehouse Group Limited - Exemption Notice (No 2) 2010
        • Training Solutions Plus Limited - Exemption Notice 2006
        • Trade Me Group Limited - Exemption Notice 2011
        • Trans Tasman Properties Limited - Exemption Notice 2004
        • TRS Investments Limited - Exemption Notice 2014
        • Trustpower Limited - Exemption Notice 2016
        • Trustpower Limited - Exemption Notice 2003
        • Tru-Test Corporation Limited - Exemption Notice 2014
        • Tru-Test Corporation Limited - Exemption Notice (No. 2) 2014
        • Tru-Test Corporation Limited - Exemption Amendment Notice 2014
      • U-V
        • Utilico Limited - Exemption Notice 2007
        • Utilico Limited - Exemption Notice (No 2) 2007
        • Vector Limited - Exemption Notice 2005
        • Vector Limited - Exemption Notice 2019
        • Vehicle Inspection New Zealand Limited - Exemption Notice 2013
        • Vending Technologies Limited - Exemption Notice 2003
        • Veritas Investments Limited - Exemption Notice 2013
        • Veritas Investments Limited - Exemption Notice (No 2) 2013
        • Viking Capital Limited - Exemption Notice 2007
        • Viking Capital Limited - Exemption Notice 2006
        • VTL Group Limited - Exemption Notice 2004
      • W-X
        • Wakefield Health Limited - Exemption Notice 2012
        • Wakefield Health Limited - Exemption Notice 2005
        • Wellington Drive Technologies Limited - Exemption Notice 2017
        • Wellington Drive Technologies Limited - Exemption Notice 2013
        • Wellington Drive Technologies Limited - Exemption Notice 2006
        • Westgate Power Centre Limited - Exemption Notice 2009
        • Westgate Power Centre Limited - Exemption Notice 2007
        • Wrightson Limited - Exemption Notice 2005
        • Wrightson Limited - Exemption Notice 2004
      • Y-Z
        • Z Energy Limited – Exemption Notice 2013
        • Zintel Group Limited - Exemption Notice 2008
• Transactions
  • Transactions Register
    • 2 Cheap Cars Group Limited 2023
    • A2 Corporation Limited 2010
    • Abano Healthcare Group Limited 2016
    • Abano Healthcare Group Limited 2009
    • Abano Healthcare Group Limited March 2020
    • Abano Healthcare Group Limited November 2020
    • Acurity Health Group Limited 2014
    • Acurity Health Group Limited 2012
    • AFFCO Holdings Limited 2010
    • AFFCO Holdings Limited Sep-2002
    • AFFCO Holdings Limited Apr-2002
    • Air New Zealand Limited 2001
    • Airwork Holdings Limited 2017
    • Airwork Holdings Limited 2016
    • AMP NZ Office Trust Limited 2010
    • Aorere Resources Limited - 2020
    • Apple Fields Limited 2002
    • Arthur Barnett Limited 2002
    • Arvida Group Limited 2024
    • Ascension Capital Limited 2024
    • Augusta Capital Limited 2020
    • Bathurst Resources Limited 2016
    • Bathurst Resources Limited 2018
    • Bendon Group Limited 2002
    • Bethunes Investments Limited 2017
    • Blue Sky Meats (N.Z.) Limited 2016
    • Blue Sky Meats (N.Z.) Limited 2002
    • Blue Sky Meats (N.Z.) Limited 2022
    • BurgerFuel Worldwide Limited
    • Burger Fuel Worldwide Limited 2014
    • Burger Fuel Worldwide Limited 2011
    • Cannasouth Limited 2023
    • Canterbury Meat Packers Limited 2001
    • Charlie’s Group Limited 2011
    • Chatham Rock Phosphate Limited 2016
    • Chatham Rock Phosphate Limited 2012
    • Chow Group Limited 2018
    • Chow Group Limited 2016
    • Claridge Capital Limited 2012
    • Comvita Limited 2011
    • Contact Energy Limited 2001
    • Cooks Food Group Limited 2013
    • Cooks Global Foods Limited 2015
    • Cooks Global Foods Limited 2017
    • Coretex Limited
    • CricHQ Limited
    • CSM Group Limited 2020
    • Dairy Brands New Zealand Limited
    • Designer Textiles (N.Z.) Limited 2002
    • Dorchester Pacific Limited 2011
    • Dorchester Pacific Limited 2010
    • E-cademy Holdings Limited 2001
    • EBOS Group Limited 2013
    • Eldercare New Zealand Limited 2001
    • Eldercare New Zealand Limited 2001
    • Embark Education Group Limited 2023
    • Endace Limited 2012
    • Energy Mad Limited 2018
    • Energy Mad Limited 2015
    • ENZA Limited 2002
    • Estaronline Limited 2015
    • eVentures New Zealand Limited 2002
    • Finzsoft Solutions Limited 2015
    • Finzsoft Solutions Limited 2013
    • Finzsoft Solutions Limited 2019
    • Finzsoft Solutions Limited 2020
    • Fisher & Paykel Appliances Holdings Limited 2012
    • Fletcher Challenge Forests Limited 2002
    • Fliway Group Limited 2017
    • Force Corporation Limited 2001
    • Fronde Systems Group Limited 2022
    • Frucor Beverages Group Limited 2001
    • Fulton Hogan Limited 2023
    • Fulton Hogan Limited
    • Fulton Hogan Limited
    • FX Networks Limited 2014
    • G3 Group Limited 2017
    • General Capital Limited 2021
    • General Capital Limited 2022
    • GeoOp Limited 2016
    • GeoOp Limited 2017
    • Geo Limited 2019
    • GFNZ Group Limited 2014
    • GFNZ Group Limited 2012
    • Heartland Bank Limited 2018
    • Hellaby Holdings Limited 2016
    • Horizon Energy Distribution Limited 2015
    • Infinity Group Limited 2001
    • Infratil Limited 2011
    • Investment Research Group Limited 2010
    • IT Capital Limited 2002
    • Just Water International Limited 2014
    • Kathmandu Holdings Limited 2015
    • King Country Energy Limited 2018
    • King Country Energy Limited 2015
    • King Country Energy Limited 2012
    • King Solomon Mines Limited
    • Kirkcaldie & Stains Limited 2016
    • L&M Energy Limited 2012
    • L&M Energy Limited 2010
    • Lateral Corporation Limited 2017
    • Lateral Corporation Limited
    • Lignotech Developments Limited Apr-2014
    • Lignotech Developments Limited 2014
    • Lyttelton Port Company Limited 2014
    • Martin Aircraft Company Limited 2015
    • Martinborough Vineyard Estates Limited
    • Mercer Group Limited 2016
    • Mercer Group Limited 2010
    • Meritec Group Limited 2002
    • Methven Limited
    • Metlifecare Limited
    • Me Today Limited 2024
    • Me Today Limited 2021
    • MHM Automation Limited 2024
    • MHM Automation Limited 2023
    • MHW Group Limited 2014
    • Michael Hill International Limited 2016
    • Michael Hill International Limited 2010
    • Montana Group (N.Z.) Limited 2004 (Lion)
    • Montana Group (N.Z.) Limited 2014
    • Mykco Limited 2018
    • National Mail New Zealand Limited 2001
    • Neuren Pharmaceuticals Limited 2016
    • New Image Group Limited 2013
    • New Zealand Dairy Company Limited 2002
    • New Zealand Experience Limited 2012
    • New Zealand Oil and Gas Limited Oct-2017
    • New Zealand Oil and Gas Limited Sep-2017
    • New Zealand Oil and Gas Limited - Aug 2015
    • New Zealand Oil and Gas Limited Apr-2017
    • New Zealand Oil and Gas Limited Jan-2015
    • New Zealand Oil and Gas Limited 2019
    • New Zealand Wool Services International Limited 2012
    • New Zealand Wool Services International Limited 2001
    • Norfolk Investments Limited 2011
    • Nuplex Industries Limited 2016
    • NZ Farming Systems Uruguay Limited 2012
    • NZ Farming Systems Uruguay Limited 2010
    • NZ Windfarms Limited 2010
    • Open Country Dairy Limited 2014
    • Open Country Dairy Limited 2021
    • Opus International Consultants Limited 2017
    • Organic Interceptor Products Limited 2001
    • Orion Health Group Limited 2018
    • Orion Health Group Limited 2019
    • Otago Power Limited 2002
    • Otter Gold Mines Limited 2003
    • Otter Gold Mines Limited 2001
    • Oyster Bay Marlborough Vineyard Limited 2010
    • Pacific Retail Group Limited 2002
    • Pacific Retail Group Limited 2001
    • Partners Group Holdings Limited 2015
    • PGG Wrightson Limited 2011
    • Pharmacybrands Limited 2011
    • Pharmacybrands Limited 2009
    • Pike River Coal Limited 2010
    • Plexure Group Limited 2021
    • Promisia Integrative Limited
    • Promisia Integrative Limited 2020
    • Pulse Energy Limited 2015
    • Pulse Utilities New Zealand Limited 2011
    • Pure New Zealand Limited 2002
    • Pushpay Holdings Limited 2023
    • Pyne Gould Corporation Limited 2011
    • Pyne Gould Guinness Limited 2001
    • Radius Properties Limited 2017
    • Radius Properties Limited 2013
    • Rangatira Limited 2017
    • Rangatira Limited 2014
    • Rangatira Limited 2024
    • Restaurant Brands New Zealand Limited
    • Richina Pacific Limited 2003
    • RIS Group Limited 2016
    • Rubicon Limited 2002
    • Rural Equities Limited 2021
    • Scott Technology Limited 2016
    • SeaDragon Limited - 2018
    • SeaDragon Limited Dec-2015
    • SeaDragon Limited Sep-2015
    • SeaDragon Limited - 2019
    • Sealegs Corporation Limited 2011
    • Sealegs Corporation Limited 2010
    • Shotover Jet Limited 2002
    • Sky Network Television Limited 2016
    • SLI Systems Limited 2018
    • Southern Charter Financial Group Limited
    • Southern Hospitality Limited 2021
    • Southern Hospitality Limited 2018
    • Southern Travel Holdings Limited 2015
    • Southern Travel Holdings Limited 2013
    • St John Balanced Property Fund Limited 2013
    • Straightedge Limited 2002
    • Submarines Australasia Limited 2002
    • Syft Technologies Limited 2023
    • Syft Technologies Limited 2024
    • Synlait Farms Limited 2013
    • Synlait Milk Limited 2024
    • TeamTalk Limited 2017
    • Tegel Group Holdings Limited 2018
    • The New Zealand Wine Company Limited 2012
    • The Warehouse Group Limited 2012
    • Trade Me Group Limited 2019
    • Tilt Renewables Limited 2021
    • Tilt Renewables Limited
    • Tilt Renewables Limited - 2020
    • Trilogy International Limited 2018
    • TRS Investments Limited 2016
    • Tru-Test Corporation Limited 2018
    • Tru-Test Corporation Limited 2016
    • Tru-Test Corporation Limited 2014
    • Trustpower Limited 2017
    • Trustpower Limited 2016
    • Trustpower Limited 2014
    • Turners & Growers Limited 2011
    • Turners & Growers Limited 2002
    • Turners Group NZ Limited 2014
    • United Networks Limited 2002
    • Utilico International Limited
    • Vehicle Inspection New Zealand Limited 2013
    • Veritas Investments Limited 2015
    • Veritas Investments Limited 2013
    • Vetilot Limited 2015
    • Wellington Drive Technologies Limited 2015
    • Wellington Drive Technologies Limited 2014
    • Wellington Drive Technologies Limited 2013
    • Wellington Merchants Limited 2016
    • Westland Co-operative Dairy Company Limited
    • Whakatōhea Mussels (Ōpōtiki) Limited 2023
    • Whakatōhea Mussels (Ōpōtiki) Limited 2024
    • Williams & Kettle Limited 2002
    • Windflow Technology Limited 2013
    • Windflow Technology Limited 2014
    • Winton Land Limited 2024
    • Z Energy Limited 2021
    • Volpara Health Technologies Limited 2024
  • Panel Determinations
    • Abano Healthcare Group Limited - 30 June 2008
    • Allied Domecq Plc and/or Millstream Equities Limited - 6 July 2001
    • Bridgecorp Capital Limited - 6 & 7 September 2004
    • Bridegcorp Capital Limited - 6 & 7 September 2004 - Reasons for Determination
    • Calgary Petroleum Limited - 30 June 2005
    • Dominion Retail Fund Property Limited - 17 December 2003
    • E-cademy Holdings Limited - 1 August 2001
    • Gould Holdings Limited - 3 March 2003
    • GPG Forests Limited / Rubicon Limited - 5 September 2002
    • Horizon Energy Distribution Limited - 12 & 22 March 2010
    • International Marine Services Limited / Submarines Australasia Limited - 27 November 2002
    • Kerifresh Limited - 22 November 2007 - Statement of Reasons
    • Kerifresh Limited - 16 October 2007
    • Lion Nathan Limited / Lion Nathan Enterprises Limited - 16 July 2001
    • Lowe Corporation Limited / Blue Sky Meats (N.Z.) Limited - 4 November 2002
    • New Image Group Limited - 15 February 2021
    • Otago Power Limited - 17 May 2002
    • Otago Power Limited - 29 May 2002
    • Oyster Bay Marlborough Vineyards Limited - 20 September 2005 - Determination
    • Oyster Bay Marlborough Vineyards Limited - 20 September 2005 - Reasons for Determination
    • Powerco Limited - 12 October 2004 - Statement of Reasons
    • Radius Properties Limited - 1 March 2013
    • Rank Group Investments Limited - 13 February 2006
    • Richmond Limited / PPCS Limited - 30 January 2003
    • Rubicon Limited - 19 May 2004
    • Rubicon Limited - 10 June 2009
    • Seafresh New Zealand Limited - 26 June 2002
    • Trans Tasman Properties Limited - 20 May 2004
    • TrustPower Limited - 14 April 2003
    • Tranz Rail Holdings Limited - 4 August 2003
    • Vector Limited - 18 November 2004
• Governance
  • Legislation
  • Statutory Reporting
    • Annual Reports
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    • Chief Executive’s Expenditure
    • Briefings for Incoming Minister
    • Letter of Expectations from the Minister
  • Policies
  • Regulatory Cooperation
  • Release of Official Information
• Law Reform
  • Consultations
  • Recommendations to the Minister
• About the Panel
  • Our People
    • Panel Members
    • Panel Executive
  • Our Vision and Values
  • News
    • Takeovers Panel welcomes new Australian Panel member appointment - August 2024
    • Consultation on regulatory alignment and deal protection devices - September 2023
    • Takeovers Panel welcomes new Panel members - June 2023
    • Takeovers Panel - New Chair and Deputy Chair - Andy Coupe retires
    • New Image Group to pay $1.5 million penalty for breaching the Takeovers Code
    • Andrew Lowe to pay former Blue Sky shareholders additional consideration for shares acquired prior t
    • New Image Group admits breaches of Takeovers Code during 2013 takeover offer - Feb 2022
    • Takeovers Panel discontinues inquiry into Global Horticulture Limited - Aug 2021
    • Takeovers Panel inquires into increases of voting control in Global Horticulture Limited - July 2021
    • 20 years of the Takeovers Code - July 2021
    • Takeovers Panel Consults on Proposed Amendments to Capital Markets Legislation - June 2021
    • Class exemption for Catalist Public Market - June 2021
    • Takeovers Panel determination on the 2013 takeover offer for New Image Group Limited - Feb 2021
    • Christmas Closedown - Dec 2020
    • Extension of COVID-19 exemption relief for capital raising - Oct 2020
    • Takeovers Panel calls section 32 meeting to inquire into the 2013 takeover offer for New Image Group
    • Takeovers Panel responds to Metlifecare’s application for letter of intention - May 2020
    • Summary of exemptions from the Code to address COVID-19 impact - Mar 2020
    • The Panel approves exemption relief for Code companies to address COVID-19 impact - Mar 2020
    • COVID-19 Update: The Panel remains operational - Mar 2020
    • Takeovers Panel publishes Annual Report 2019 - Nov 2019
    • Panel comments on New Zealand Oil & Gas Scheme complaints - Oct 2019
    • New Board Appointment at the Takeovers Panel - May 2019
    • New Board Appointments at the Takeovers Panel - Jan 2019
    • Christmas Closedown - Dec 2018
    • Tegel Group Holdings Limited - Independent Expert Report Released - Nov 2018
    • Takeovers Panel Calls for Independent Expert Proposals (Tegel Group Holdings Limited) - Oct 2018
    • Chow Group Limited - Independent Expert Report - July 2018
    • Takeovers Panel Independent Expert Call for Proposals (Chow Group Limited) - June 2018
    • High Court ruling on reimbursement of Abano takeover expenses - May 2018
    • New General Counsel for Takeovers Panel - Mar 2018
    • New Chief Executive for Takeovers Panel - Oct 2017
    • Panel recommends changes to the Takeovers Code - Apr 2017
    • Takeover offer by Bapcor for Hellaby - Panel decides against Section 32 meeting - Nov 2016
    • Panel appointment announced - Oct 2016
    • Panel signs MOU with FMA - Aug 2016
    • Panel appointments announced - Jul 2016
    • Panel appointments announced - Oct 2015
    • Cross-appointments to the NZ and Australian Takeovers Panels - Jun 2014
    • Panel reports on achieving its objectives
    • Response to article by Alan Wood about Lyttelton Port takeover - Sep 2014
    • Panel re-appointments - Sep 2014
    • Crowd Funding, Small Offers and the Takeovers Code - Apr 2014
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