On 13 July 2018, HK SFC, gazetted amendments to codes on mergers, takeovers.
- Released consultation conclusions and respondents were generally supportive of
proposals, majority of which were adopted with some modifications from feedback.
- The amended codes which were gazetted on 13 July, will be effective immediately.
Key Proposals from Original Consultation:
- Increase voting approval threshold for whitewash waivers to 75% of shareholders.
- Panel to require compensation be paid to shareholders who suffered from breach.
- Clarify the obligations of persons dealing with the Takeovers Executive, Takeovers
Panel and the Takeovers Appeal Committee in all Codes transactions, cooperation.
- Also sets out proposed amendments to the term “associate” as well as approval
of delistings in jurisdictions which do not afford the compulsory acquisition rights.