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A guide for boards in navigating bids and defending value.
Against a backdrop of continued economic uncertainty and geopolitical tensions, public company takeover activity continues to be a prominent feature of the Australian market – some 70 bids for ASX-listed companies were announced in the year ended 30 June 2024 (FY24) with a total deal value of almost $50 billion.
Over 80% of these were recommended offers, with only 12 hostile bids, and ultimately 90% of all offers were successfully completed – by way of either a takeover bid or a scheme of arrangement. Schemes of arrangement have increasingly been the favoured approach for ‘friendly’ deals, accounting for over 70% of all transactions.
A takeover approach often comes without prior notice and boards therefore need to be well prepared to respond promptly and decisively.
It also assists our clients in readily connecting to partners, directors, and senior advisers, providing both leading advice and great value for money.
This report is intended to equip boards with key commercial insights needed to navigate a takeover bid, from the initial response and evaluation of the offer to negotiating with the bidder and mounting an effective defence if the bid turns hostile.
With the right preparation and strategic approach, boards can ensure that shareholder value is maximised – whatever the outcome of the bid.
