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The Irish Takeover Panel Bill which has recently been published proposes the establishment of a Takeover Panel to monitor and supervise takeovers and other transactions relating to shares in public limited companies quoted on The Irish Stock Exchange and certain other companies.
The Panel's main functions will be the protection of shareholders where takeovers and certain other transactions are contemplated. Until the Bill comes into effect, the Takeover Code and Rules of the Takeover Panel, London will continue to apply to takeovers of Irish listed public limited companies.
The Panel will have the power to establish Rules in relation to takeovers. It is expected that these Rules will mirror to a large extent the existing Takeover Code and Rules of the Takeover Panel London.
The Panel will also have the power to make rulings and give directions on proposed takeovers and other transactions of its own violation or on the application of interested parties and to enforce those rulings and directions through the court.
Unlike the London Panel, which is a self-regulatory body, in Ireland it was felt necessary to give the Panel a statutory basis, and the Bill confers an explicit right for parties, subject to a Panel ruling, to challenge the ruling by seeking a judicial review within 7 days of the date of the ruling. Concerns have been expressed that the main advantages of the Panel -flexibility and speed - might have been lost due to constitutional and administrative law constraints, but it is hoped that the Bill strikes a fair balance to ensure the Panel's success.
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