Break fees are a well-established feature of the Australian mergers and acquisitions (M&A) landscape involving an entity which is subject to Chapter 6 of the Corporations Act 2001 (Cth) (including in takeovers and schemes of...more
A number of companies listed on the Australian Securities Exchange (ASX) can expect to be captured by new mandatory sustainability reporting requirements as of this financial year. This update provides a summary of which...more
In 2025, we were happy to see ASIC and ASX respond to industry calls by taking some steps to streamline the IPO process, in particular, ASIC’s introduction of new fast track reforms for IPO timetables. We consider the effect...more
In particular, 2025 saw the recovery of large-scale listings – there were three issuers who debuted on ASX with a $1+ billion market capitalisation (Greatland Resources, Virgin Australia and GemLife) and each raised more than...more
THE AUSTRALIAN REGULATORY FRAMEWORK - Australia’s government system is comprised of three levels – federal, state or territory, and local. Laws are established by all three levels of government, with each government...more
AUSTRALIAN UPDATE - ASIC Issues Fines for Misleading Sustainability Claims - On 6 November 2025, the Australian Securities and Investments Commission (ASIC) announced enforcement actions against two major superannuation...more
It’s the most wonderful time of the year. Whether you celebrate with tinsel or simply a well-earned break, we think everyone deserves a gift – the greatest gift of all, M&A insights! To turn the phrase made famous by...more
We have analysed non-binding indicative offers (NBIOs) for public companies during calendar years 2022 to 2024. In particular, we have done a deep dive on private equity NBIOs. The analysis provides insights on success...more
Australian Update - ASIC Commences Proceedings Against the Responsible Entity of an ESG Investment Fund for Misleading Conduct - On 3 October 2025, the Australian Securities and Investments Commission (ASIC) initiated civil...more
Index funds and industry superannuation funds are reshaping Australia’s stock market — and with it, the rules of engagement for public M&A. Their rise is changing how deals are done, who holds the power, and what bidders and...more
In brief - On 20 October 2025, ASX released its consultation paper titled “Shareholder approval of dilutive acquisitions and changes in admission status” (Consultation Paper) (link to the Consultation Paper here)....more
TerraCom has been ordered by the Federal Court of Australia to pay an AUD7.5 million civil penalty for retaliating against a whistleblower in proceedings commenced by the Australian Securities & Investments Commission (ASIC)....more
Emails, text messages and other electronic communications are commonplace during a takeover bid. They may be sent to all target shareholders or only to a selected group. To maximise their impact, often these messages are...more
While market conditions continue to be challenging for IPOs, a growing number of listed resources companies from markets such as the TSX are pursuing ASX cross-listings (also known as dual listings). There are a number of...more
Australian Update - Resistance to Australian Securities Exchange Corporate Governance Council’s Diversity Reforms Signals Decline in Environment, Social and Governance Commitment - The recent decision by the Australian...more
A number of US companies have gone public in Australia as an alternative to a further private round in the US. While the ASX may not be an obvious alternative to US capital markets, there are a number of reasons why the it...more
Australian Update - Guide to Sustainable Collaborations – ACCC - On 8 July 2024, the Australian Competition & Consumer Commission (ACCC) published a draft guide on Sustainability collaborations and Australian competition law...more
Mining companies are one step closer to being subject to the changes of the first comprehensive review of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code or the...more
Australian Update - Proposed Code of Practice to Reduce Modern Slavery Through Lending, Investment and Asset Management - The New South Wales (NSW) Anti-Slavery Commissioner (Commissioner) recently released its discussion...more
The Situation: The Australian Securities Exchange ("ASX") has published new data breach examples in an update to its continuous disclosure Guidance Note, effective from 27 May 2024 ("Data Breach Examples")....more
Australia welcomes new business and foreign investment by providing a strong economy, a stable political environment and a skilled and talented workforce. Our comprehensive guide to Doing Business in Australia has been...more
Overview - The Australian Securities Exchange (ASX) Corporate Governance Council (Council) has recently released its consultation materials for the proposed 5th Edition of the Corporate Governance Council Principles and...more
This edition of the Update covers: Recent legal and regulatory developments, including the release of regulatory guidance on crypto asset-related investment products, the imposition of additional licence conditions on the...more
The Situation: Australia's Federal Government has announced that it intends to make permanent reforms introduced during the COVID-19 pandemic to continuous disclosure requirements for ASX-listed companies. The temporary...more
KEY LEGAL AND REGULATORY DEVELOPMENTS - Legislative and Regulatory Reform - Permanent reforms in respect of virtual meetings and electronic execution - On 19 October, the Federal Government released for...more