Tuesday 19th August 2008 |
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The changes may restrict takeovers such as Transpacific Industries 2006 merger with Waste Management, which relied on section 13 of the Companies Act to succeed with just 75% support of shareholders. Section 13 has allowed M&A activity to skirt a requirement that companies covered by the Takeovers Code gain 90% shareholder support.
The recommendations would require changes to the code and the Companies Act, which the government is currently considering, according to a statement from the Takeovers Panel. A law change would be the culmination of a two year effort by the panel, which first sought the changes in August 2006.
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