Guide to takeovers and schemes in Australia 2025

Guide overview

This guide covers some of the key legal issues and considerations involved in making, or responding to, an offer to acquire control of a publicly listed entity in Australia, including:

• the general laws and regulatory bodies governing acquisitions of interests in listed entities;
• the most common methods of acquiring control (takeover bids and schemes of arrangement) and their relative merits;
• key factors and strategic considerations relevant to planning an acquisition;
• steps, documentation and timing involved in implementing an acquisition; and
• key issues for entities anticipating (or responding to) an approach.

This guide also provides general commentary on the legal and practical issues involved in takeovers and schemes of arrangement in Australia. The information in this guide is current as at 1 January 2025.

Who this guide will assist

This guide will be of general assistance to:

• foreign advisers and investors;
• directors, executives and in house counsel of public companies and other Australian and international businesses considering public acquisitions in Australia; and
• investment bankers, financial advisers and other professional advisers to participants involved in control transactions.