Control transaction
Practical Law ANZ Glossary w-022-3946 (Approx. 2 pages)
Glossary
Control transaction
A takeover bid, scheme of arrangement or other transaction under which a bidder obtains control over a company. Takeover bids and schemes of arrangement are governed by the Corporations Act 2001 (Cth). They are the most common means by which persons acquire control of a public company.
For more information, see Practice note, Control transactions: takeovers and schemes of arrangement compared.
For the purposes of the Takeovers Panel Guidance Note 20: Equity derivatives, a control transaction is used in a broader sense and refers to any transaction likely to affect:
- The actual or potential control of a company.
- The actual or proposed acquisition of a substantial interest in a company.
- The efficient, competitive and informed market for control of the company's voting securities.
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