This paper presents the results of an empirical study of the Australian Takeovers Panel. The Takeovers Panel is the primary forum for resolving disputes about a takeover bid while the takeover is underway. The Takeovers Panel was established in 2000 and replaced the earlier Panel which was widely regarded as ineffective, hearing very few matters and the extent of its powers being subject to extensive litigation in the courts. The new Takeovers Panel was given enhanced powers with the objective of enabling the Panel to replace the courts as the primary forum for the resolution of takeovers disputes. It was expected that the new Panel would be able to facilitate resolutions to takeovers disputes more rapidly, informally and cost effectively than the courts. All decisions of the Takeovers Panel during the first 5 years of its existence (2000-2005) were examined. The study provides insight into how the Panel has operated since 2000 and how effective it has been in terms of matters such as the time taken to reach decisions. Issues examined include: how active is the Takeovers Panel?; who makes applications to the Panel?; speed of decision making; the Panel as a facilitator of takeover bids; the basis for applications and the basis for decisions; size of companies involved in Panel applications; industry classification of companies involved in Panel applications; and appeals against decisions of the Panel
