"Two takeover rules crying out for reform are the different treatment of schemes of arrangements and market bids.
If you announced a bid for BHP, you have to do so within two months or you are in breach unless the takeover is to be by way of a scheme, when it could happen in years.
** Likewise, the private equity games of "exploring" or discussing proposals demand a UK type put-up-or-shut-up rule, so the PE teams can't keep a company on hold forever."
WCL Price at posting:
35.0¢ Sentiment: None Disclosure: Held