Under the Takeovers Code (Code), a person and their associates are prohibited from becoming the holders or controllers of 20% or more of the voting rights in a company with 50 or more shareholders and 50 share parcels (Code Company), except in a manner permitted by the Code.
As the M&A landscape continues to shift towards equilibrium after the GFC, recent international trends have emerged in the New Zealand market. Specifically, the increased use of:
• locked box pricing mechanisms;
• warranty and indemnity insurance; and
• the "fundamental warranty" exclusion for vendor warranty limitations.