Takeovers Act 1993

Miscellaneous - Reimbursement of expenses incurred in connection with offer or takeover notice

49: Reimbursement of target company

You could also call this:

"Getting expenses paid back when a company is taken over"

You can get your expenses paid back by the offeror if you are a target company. You incur these expenses when dealing with an offer or takeover notice. This can happen because of section 48 or for other reasons. You will get the amount of money that you and the offeror agree on. If you cannot agree, the Panel will decide how much you get, as stated in section 50. The target company or the offeror can ask the Panel to make this decision. You are entitled to be reimbursed for any expenses you properly incur. These expenses must be related to the offer or takeover notice. The offeror must pay you back for these expenses.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM326769.

This page was last updated on 12 December 2025 — View changes

Topics:

Money and consumer rights > Consumer protectionBusiness > Industry rules

48: Reimbursement of directors, or

"Getting your expenses paid back as a company director"

50: Determinations by Panel of amount to be reimbursed, or

"The Panel decides how much money you get back"

Part 4Miscellaneous
Reimbursement of expenses incurred in connection with offer or takeover notice

49Reimbursement of target company

A target company is entitled to be reimbursed by the offeror for any expenses properly incurred by the target company in relation to the offer or takeover notice, whether as a result of section 48 or otherwise.
The amount to be reimbursed to the target company is the amount—
agreed between the target company and the offeror; or
determined by the Panel on an application made by the target company or the offeror (see section 50).

Notes

Section 49: replaced, on 31 March 2017, by section 132 of the Regulatory Systems (Commercial Matters) Amendment Act 2017 (2017 No 12).