Report on the Mandatory Bid Rule

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Report on the Mandatory Bid Rule

June 2000

View the report as separate downloadable parts:


Membership and Duties of the Committee	(PDF 14KB)

Chapter 1 - Introduction	(PDF 28KB)
Background Mandatory Bid Rule as proposed in the CLERP Bill PJSC report on the MBR The Committee’s inquiry

Chapter 2 - The mandatory bid rule	(PDF 87KB)
The MBR as a policy instrument Comparison with the UK City Code EC Commission Directive on takeovers and position in France and Germany Transparency of control transaction Distressed vendor situation Alternative proposals Potential harm to bidders in the absence of the MBR Improved corporate performance and price maximisation Theoretical analysis of the MBR

Chapter 3 - Conclusions and recommendation	(PDF 34KB)
Rationale for the final MBR proposals - the protection of minority shareholders Comparisons with the UK and EC models Distressed vendor situation Alternative proposals Theoretical analysis of the MBR and its implications Mandatory bid threshold and control premium Corporate performance, price tension and better communication

Dissenting report by Labor Members and Senators	(PDF 83KB)

Minority report on the mandatory bid rule by Senator Andrew Murray	(PDF 121KB)

Appendix 1 - List of submissions	(PDF 9KB)

Appendix 2 - List of witnesses	(PDF 9KB)

For further information, contact:

Committee Secretary
Parliamentary Joint Committee on Corporations and Financial Services
PO Box 6100
Parliament House
Canberra ACT 2600
Australia

Phone: +61 2 6277 3583

Fax: +61 2 6277 5719

Email: corporations.joint@aph.gov.au

Phone:	+61 2 6277 3583
Fax:	+61 2 6277 5719
Email:	corporations.joint@aph.gov.au