Abstract
Prior to the establishment of the non-judicial Australian Takeovers Panel in 2001, takeover litigation before the courts rarely led to an appeal to a higher court; for commercial reasons, many cases were settled before a final judicial resolution was reached. Before the introduction of the Takeovers Panel procedure in Australia, takeover litigation could not be adequately understood without reference to the commercial context in which the cases arose and for this reason, the backgrounds of judges and the level of commercial experience of judges were important and influential in achieving commercially sensible results from the courts. This paper by Roman Tomasic and Brendon Pentony reviews findings from an Australian Research Council funded national empirical study led to the reform of the old court-based system of takeover dispute handling in Australia which now effectively by-passes the courts.
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