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The Australian Securities Exchange (ASX) has unveiled significant proposed reforms aimed at strengthening shareholder protections and limiting share dilution during public takeovers and mergers. Under the draft rules released on Wednesday, companies listed in the S&P/ASX300 index would be restricted from issuing more than 25% of their existing share capital to fund acquisitions without first obtaining shareholder approval.
The proposed changes represent a major reduction from the current framework, which allows eligible companies to issue shares equivalent to up to 100% of their existing capitalisation without a shareholder vote. The ASX review was launched in response to growing concerns from investors over dilution risks in large-scale corporate transactions.
The debate intensified after building materials giant James Hardie received a waiver from the ASX, allowing it to avoid a shareholder vote while issuing approximately 35% of its share capital to finance its $8.8 billion acquisition of U.S.-based AZEK. The decision sparked criticism from investors who argued that the transaction significantly diluted the value of their holdings without giving them an opportunity to approve the deal.
ASX Acting Group Executive for Listings, Gavin Skene, said the proposed reforms reflect strong market feedback supporting greater shareholder safeguards. “We have listened to the market and heard loud and clear the market’s support for more protections against share dilution in public takeovers and mergers,” Skene stated.
Investor dissatisfaction over the James Hardie-AZEK acquisition ultimately resulted in significant boardroom consequences. Shareholders voted to remove Chair Anne Lloyd and two other directors, highlighting concerns over the company’s handling of the takeover process and governance practices.
The proposed ASX takeover rules are expected to improve transparency, enhance corporate accountability, and provide investors with a stronger voice in major acquisition decisions. If implemented, the changes could reshape how Australian-listed companies structure merger and acquisition deals, ensuring that shareholders have greater influence over transactions that may substantially impact their ownership stakes.
