- The instruction relates to tender offers for publicly held company shares (OPA).
- Changes limited in scope, seek to take into account experience in actual cases.
- Re submission of OPA by increasing participation to 1/3 and 2/3 limits in art 15.
- Application of same limit to OPA formulated for exit of special listing segment in
context of Strategic Project for Reduction of Costs of Compliance.
- Changes re possibility of interference where there is a competing public offering.
- Clarifies where a single takeover bid is designed to meet more than one of the
purposes in Instruction 361, offered price must meet requirements of all cases.
- CVM would like to receive, in addition, suggestions on other possible changes
to Instruction 361 that could support a future more extensive revision of rules.
- Open for comment to 10 June 2019.