|
|
|
|
Corrs Public Securities Group: Derivatives in takeovers: The new battleground?21 April 2005
The recent announcement by BHP Billiton that as part of its $9.2 billion strategy to acquire WMC Resources it had put its foot on 4.3% of the stock through a cash-settled equity swap arrangement and the emergence of similar structures in connection with the bid by Cleveland-Cliffs for Portman Limited, has once again raised the issue of the use of derivatives in Australian takeovers. Interestingly this comes at a time when the UK Panel on Takeovers and Mergers is looking at the use of derivatives in takeovers. Andrew Lumsden and Iain Laughland explore the role for regulating derivatives in the Australian takeover market.
For a full copy of this document, please download the PDF.
This article provides information about topical legal issues.
Information contained in this article is intended as an introduction only
and should not be relied on in place of legal advice.
|
|
