A Gold Coast business owner accused of giving misleading evidence related to the takeover bid also had all charges against him dropped.
The Australian Securities and Investments Commission brought 29 charges against Ms Hutson in Brisbane Magistrates Court in 2018.
The charges followed an ASIC investigation into ASX-listed G8 Education Limited's bid for rival childcare firm Affinity Education in 2015.
Commonwealth prosecutors in Brisbane District Court on Thursday presented notices of discontinuance for two indictments related to Ms Hutson.
All charges were discontinued by Judge Michael Byrne.
An ASIC statement said Ms Hudson had been scheduled to stand trial in the District Court.Â
"The Commonwealth Director of Public Prosecutions conducted a further review of the matter and determined that the charges against Ms Hutson should be discontinued," the statement said.
Ms Hutson, who was director and chair of G8 Education until October 2015, has denied wrongdoing and fought multiple legal battles against the charges.
She was committed to stand trial in July 2020 on more than two dozen charges, including giving false and misleading statements, following G8's takeover bid.
Ms Hutson was also accused of using funds from G8 Education funds, totalling $928,500, to acquire shares in ANZ Bank for Crossborder Investments Pty Ltd, where she was also a director.
In July 2015, G8 Education announced a takeover bid for Affinity, which also runs early learning centres, after acquiring shares up to the takeover threshold.
Following complaints by Affinity, ASIC alleged that a super fund and two private companies linked to Ms Hutson bought shares in Affinity after G8 launched its bid and claimed it was a breach of corporations law.
Prosecutors on Thursday also dropped all charges against David Justin Burke of giving false or misleading information to ASIC during examinations while under oath in 2016.
ASIC had alleged Mr Burke, from Natural Bridge in the Gold Coast hinterland, gave false information about his relationship with the director of West Bridge Holdings Pty Ltd.
ASIC had alleged there were undisclosed arrangements between G8 Education and West Bridge for shares in Affinity.
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