On Apr. 27, ACNV issued rules to raise public acquisition offers.
- Increased the percentage from 15% to 35%, to be considered significant participation.
- Significant participation determines the mandatory nature of launching a takeover bid.
- RG No. 689 establishes obligation to launch partial takeover bid, when stake exceeded.
- When intend to achieve a stake of 35% of voting capital stock and/or votes of company.
- In that case, offer must be made for securities to reach 50% of company voting capital.
- Exception to bid where acquisition does not entail acquisition of control of the company.
- Required to launch full takeover when seek share above 50% of voting capital or votes.
- Offer must be made on a number of securities that enable the acquirer to reach 100%.