The foxes in charge of the hen house

The foxes in charge of the hen house
Most takeovers these days take the scheme of arrangement route.
Jenny Ruth
New Zealand's takeovers regulatory regime is sick and needs an overhaul but those in charge are the very last people likely to want the necessary changes.Take a good look at the 11 people on the panel; only one, Megan Glen, comes from the ranks of institutional investors.And the particular institution she works for, the New Zealand Superannuation Fund, was the investor that last year sold out its fellow NZ investors in Metlifecare, mostly retail investors by that stage.It accepted a low-ball price for its cornerstone 20% stake on the spurio...

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