The Takeovers Panel has issued 2 consultation papers on draft revised guidance notes: the first relates to the issue of summaries of takeover documents and the second relates to including the value of franking credits in the headline offer price.

The Panel encourages summaries of takeover documents that are accessible to retail shareholders in particular. The draft revisions set out the Panel’s best practice guidance on the contents of a summary section to assist preparers of takeover documents.

In the consultation paper on dividends the Panel says that any reference to the value of franking credits should be made in a separate, suitably qualified statement.