The ASX will reassess what shareholder approvals companies need for mergers, acquisitions and reverse takeovers after its decision to allow James Hardie to proceed with a $14 billion transaction without an investor vote led to a significant backlash from superannuation funds and asset managers.
The review of the listing rules was first reported by The Australian Financial Review on Sunday and came after meetings between the ASX’s chief executive Helen Lofthouse and the investors, which include AustralianSuper and UniSuper, two funds that are shareholders in the exchange operator.
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Joyce Moullakis is an Associate Editor writing across company news, policy issues, investment banking, private equity and financial services. Connect with Joyce on Twitter. Email Joyce at joyce.moullakis@nine.com.au
Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
Cécile Lefort is a markets reporter based in the Sydney newsroom. Cécile worked in New York and Hong Kong writing about global capital markets. Email Cecile at cecile.lefort@afr.com
