ASX (ASX:ASX) is set to launch a review of its listing rules, including whether companies should disclose if they have secured a waiver to the rules, after backlash to its decision to allow James Hardie Industries (ASX:JHX) to proceed with a significant merger without a shareholder vote, The Australian Financial Review reported Monday.
The ASX will reassess what shareholder approvals companies need for mergers, acquisitions, and reverse takeovers. The review came after meetings between the ASX Chief Executive, Helen Lofthouse, and investors, many of whom were James Hardie shareholders, with Lofthouse expected to hold more discussions over the next few days, the report said.
The ASX said it would seek to update a 2017 analysis that assessed the shareholder approval levels needed for listed company mergers. This "will support a more informed review of shareholder approval requirements," Lofthouse said.
Despite the decision to review the rules, James Hardie will be allowed to proceed with its transaction, per the report.
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