• AST ASIC reissued Regulatory guide 9 - takeover bids (RG 9), which is a guide for listed and unlisted entities, their advisers, and investors involved in a takeover bid.
• In addition, AST ASIC explained that RG 9 superseded previous version of Sep. 2020.
• Revisions include removal of references to class orders that are no longer in existence.
• Follows AST ASIC November 2022 proposed remake of class orders re takeovers.

Overview of RG 9

• RG 9 discusses AST ASIC's regulatory role in relation to takeover bids and how it interprets and administers the requirements of the takeover provisions in ASTCA Ch 6.
• It explains how AST ASIC exercises its discretionary powers in relation to takeover bids, including the power to exempt from, or modify, the takeover provisions.
• Specific topics covered include takeover offers; bids for multiple classes; minimum bid price; conditional offers; collateral benefits; bidder's statement; target's statement.
• In addition, covers supplementary statements; variation of offers; acceptances; joint bids and schemes; non-compliant bids; and includes glossary of key terms at end.