GRT Alert: Government includes key changes to draft legislation in the Treasury Laws Amendment(Mergers and Acquisitions Reform) Bill 2024 (the Bill)

On 10 October 2024, the Federal Government introduced the Bill in parliament.

The Bill is largely consistent with the Exposure Draft released by Treasury on 24 July 2024. For further information on the consultation process, please see our update at this link: GRT Alert: Treasury released consultation paper on mandatory ACCC merger notification thresholds.

The key changes between the Exposure Draft and the Bill are as follows:The definition of ‘control’ will be taken from section 50AA of the Corporations Act 2001 (Cth).The Bill introduces a process for parties to seek a notification waiver from the ACCC. The ACCC may grant the waiver having regard to the objectives of the Competition and Consumer Act 2010 (Cth) (CCA), the interests of consumers and the likelihood that the acquisition will substantially lessen competition.The market share thresholds have been removed. Therefore, the new proposed notification thresholds are:the combined merger parties’ Australian turnover is above $200 million AND the business or assets being purchased are above either $50 million Australian turnover or $250 million global transaction value.Large businesses (turnover above $500 million) buying a business or assets over $10 million turnover.For entities with combined Australian turnover above $200 million, a three year cumulative $50 million turnover threshold ($10 million for large businesses).The legal standard for the ACCC has changed. The Exposure Draft proposed that the ACCC must ‘reasonably believe’ that there is a real (not merely a remote) possibility that the acquisition would be likely to have the effect of substantially lessening competition. Under the Bill, the ACCC must be ‘satisfied that the acquisition would have the effect or likely effect of substantially lessening competition.If you have any questions on the effect the merger reform laws are likely to have on your business, please contact Glenn Vassallo (Managing Director) or Scott Standen (Director).

If you would like any advice on this or any other update, please contact Glenn Vassallo (gv@grtlawyers.com or 0422 857 760), Scott Standen (scott.standen@grtlawyers.com or 0447 790 009) or Ashley Hill (ashley.hill@grtlawyers.com or 0415 150 866).

Share:

More Posts

GRT Alert – Privacy Eyes Up:What to expect this August

In August 2024, Australia is due to implement significant amendments to the Privacy Act 1988 (Cth) aimed at modernising data protection laws and aligning them with global standards such as the European Union’s General Data Protection Regulation (GDPR). In response to Attorney-General’s Privacy Act Review Report in early 2023, the Australian government has either already agreed or

GRT Alert: Treasury released consultation paper on mandatory ACCC merger notification thresholds.

The Federal Government is simplifying Australia’s current approach to merger control, which will be implemented from 1 January 2026. As part of this process, the Treasury consults on the notification thresholds. The closing date for submissions is 20 September 2024.A summary of the proposed thresholds is below. Monetary ThresholdsLimb 1: Turnover & Transaction ValueCombined Australian

GRT Alert – September ASX Compliance Update

The ASX has provided a compliance update on the upcoming AGM season and the Annual Report deadline for entities with a 30 June balance date. A summary of the key points from the update are as follows: AGM Season GuidanceASX has outlined important reminders for listed entities preparing their notices of meeting for the 2024

GRT Alert – Focus on Greenwashing results in Record Penalties

On 25 September 2024, the Federal Court made its biggest statement on environmental and sustainability obligations by handing down a $12.9 million penalty to Vanguard Investments Australia. The judgment has been a consequence of a conscious effort from ASIC to pursue ‘greenwashing’ as a priority in recent times. This focus has included the successful pursuit

Send Us A Message

admin@grtlawyers.com | 07 3309 7000 | Privacy Policy

Proudly Designed and Developed By
Morelly ® Business Optimisation

© 2023 GRT Lawyers
Liability limited by a scheme approved under Professional Standards Legislation. All rights reserved.

Aylesha James

e aylesha@grtlawyers.com
m 0433 555 812

EXPERTISE

Business Operations
People and Culture
Human Resources
Marketing
Event Coordination
Project Management

PROFESSIONAL SUMMARY

Aylesha serves as the General Manager at GRT Lawyers, providing effective leadership and overseeing the day-to-day operations of the firm. In her role, she manages human resources, marketing, events, and directly supervises the Administration team.

Bringing more than 19 years of experience in office management, senior administration, project and event management, as well as human resources, Aylesha has a proven track record of excellence in high-pressure environments. Her wealth of experience and professionalism ensures the seamless functioning of the firm. Aylesha excels in optimizing operational efficiencies by reviewing and implementing systems, policies, and procedures to support business functions, resulting in impactful results. She adopts a holistic approach, balancing a keen eye for detail with a focus on overarching goals.

Aylesha’s passion lies in people and culture, where she actively fosters strong relationships across all levels of the business. She connects with staff to instill the core values of GRT Lawyers and the GRT Foundation, believing in creating value through people. Her approach involves working with passion and understanding, offering support and cultivating relationships that enhance both business and individual performance.

EXPERIENCE

Her career history encompasses multi-faceted roles giving her exposure to the specialty fields of Human Resources, Marketing and Event Management. Roles have included:

Human resources, including recruitment, performance management, staffing, new employee onboarding, employee benefits, payroll and training and development.
Marketing – including roles involving the development and implementation of marketing and business development strategies.
Background in planning internal and external events from conception through to execution, displaying qualities of a successful event planner: thorough yet precise, expert knowledge, ingenuity in identifying and solving problems and clear, concise communication.

“There’s always another level up. There’s always another ascension. More grace, more light, more generosity, more compassion, more to shed, more to grow.” -Elizabeth Gilbert

Scott Standen

e scott.standen@grtlawyers.com
m 0447 790 009

EXPERTISE

In depth understanding of the M&A processes (public M&A and private M&A transactions)
Public equity capital markets transactions
Management of due diligence processes
Deep understanding of governance frameworks
Corporate structuring
Capital structure management
Transaction management

PROFESSIONAL SUMMARY

Scott is a founder and Director of GRT Lawyers and GRT Foundation and corporate lawyer. He leads a team of specialist legal professionals, providing advice to organisations of all sizes, from middle market, large corporates and government owned corporations.

Scott’s career spans more than 20 years as a corporate lawyer and has encompassed an in-house general counsel role, director of Statutory Authorities and corporate legal adviser to managing directors, chief financial officers and boards of directors of ASX listed companies.

Scott is regularly called on by clients to provide strategic corporate advice to boards of directors and to project manage merger and acquisition transactions and public equity markets transactions. He prides himself in providing technically accurate and commercially focused corporate advice for public, private and listed companies, boards of directors and corporate advisers.

In particular, Scott advises on public equity markets transactions, debt issuances and restructuring, corporate governance and advisory, regulatory compliance, public and private M&A transactions, contract negotiation and directors’ duties and liabilities.

EXPERIENCE

Scott’s experience includes:

Advising Cerro Resources Limited in relation to its public market merger and acquisition deal with Canadian based Primero Gold Limited and the concurrent spin out of assets to Santana Metals Limited and listing of Santana Metals Limited on ASX
Advising Discovery Metals Limited in relation to its A$250 million debt restructuring and associated equity raisings and proposed convertible note issue
Advising Polymetals Limited in relation to its acquisition by Southern Cross Goldfields by way of scheme of arrangement
Advising Southern Cross Goldfields Limited in relation to its A$60 million capital raising transaction involving equity, debt and hybrid securities
Dual listing on Hong Kong Exchange of ASX listed company
ASX listing of Asia focused technology / media company and
ASX listing of Apiam Animal Health Limited, vertically integrated provider of services and product to agricultural industry and
ASX listing of P2P Transport Limited.

QUALIFICATIONS

Scott holds Bachelor Degrees in Law and Business Administration and a Masters of Law. Scott has previously held positions as a Director on the Boards of the Queensland Manufactured Water Authority (and related entities) and the Queensland Bulk Water Authority (and related entities).