• Consultation on amendments to CVM Instruction 361 on tender offer procedures.

Key Changes

• 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.

Effectiveness

• Open for comment to 10 June 2019.