Advantages and disadvantages of schemes of arrangement compared to takeover bids
In the Australian market in recent years, schemes of arrangement are more common than takeover bids to acquire control.
The popularity of schemes is due to a number of key advantages that schemes offer bidders and targets compared to takeover bids. Those advantages include:
https://www.minterellison.com/artic...rrangement-structuring-a-friendly-acquisition
- the certainty of obtaining 100% ownership if the scheme is approved;
- the ‘majority in number and 75% in value' shareholder approval thresholds for a scheme are generally considered lower thresholds than the 90% of all securities required to commence compulsory acquisition following a takeover bid;
- flexibility to incorporate terms in a scheme that would not be permitted under a takeover bid; and
- a more certain timetable.
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