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.