Not far to go with hoperidge hitting 20% Regulatory requirements...

Not far to go with hoperidge hitting 20%

Regulatory requirements
Takeovers in Australia are regulated by a combination of legislation, government policy and stock exchange rules. The main takeover rules are spelt out in the Corporations Act and are administered by the Australian Securities and Investments Commission. If a dispute arises, it is managed by the Takeovers Panel. There are many rules covering takeovers but let’s look at one of the main ones — the 20 per cent rule.

This states that a person cannot acquire more than 20 per cent of a company unless via a specified exception, which includes takeover bids and schemes of arrangement. So when the 20 per cent threshold is hit, the takeover machinery is triggered.