The decision confirms the settled approach to the court's supervisory role at the first hearing stage of a scheme of arrangement under s 411 of the Corporations Act 2001 (Cth). A five-month exclusivity period is within the range accepted as reasonable. A break fee around the limit of the Takeovers Panel's guidance level, with appropriate carve-outs and not payable if shareholders vote against the scheme, will not be regarded as coercive.
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