Takeovers: Argentina – ACNV Acquisition Limit Offers

Takeovers: Argentina – ACNV Acquisition Limit Offers

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.

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%.

Read more on these changes.