On 29 October 2024, BRZ CVM published Resolution 216 and Resolution 215 re the issuance of public share acquisition / takeover offers and the introduction of simpler procedures. Resolution 216 covers specific changes to harmonize rules with Resolution 215. Resolution 215 set new regulatory regime for the OPA, replacing Resolution 85. These Resolutions are a…
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Hong Kong – SFC Takeover Table Updated
On 28 October, the SFC updated its Takeover table to reflect the following: offer period commenced for Jiayuan Services Holdings Limited (stock code: 1153) effective 27 October offer period closed for China Evergrande New Energy Vehicle Group Limited (stock code: 0708) effective 25 October Visit SFC Takeover Table
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S Korea – FSS Overseas Risks, Takeover Issues
On 8 October 2024, SK FSS discussed overseas risks and takeover competition. SK FSS held an executive meeting on overseas risk factors and overheated takeovers. Follows SK FSS August 2024 held executive meeting re voting rights. SK FSS issued alert on tender offers re listed firms on the same day. Meeting Highlights Regarding recent Middle…
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S Korea – FSS Takeover of Listed Companies
On 4 October 2024, SK FSS warned against takeover of listed companies. SK FSS held an internal meeting to discuss issues re takeover of listed companies. Overview of Meeting SK FSS Governor stressed the need to monitor excessive competition in the process of takeover of listed companies, which may cause market instability and distrust. Required…
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Hong Kong – SFC Takeover Bulletin Highlights Time to Register in ESS
On 30 September, the SFC issued its September Takeover Bulletin. Highlights: Time to register in the Electronic Submission System (ESS) Quarterly activity on Takeovers
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Australia – Platinum AM Refuses Takeover Bid
Bloomberg reports that Sydney-based funds manager Platinum Asset Management has refused a takeover proposal from hedge fund Regal Partners Ltd. bid undervalued company at $359m offering from Regal Platinum's board unanimously concluded that the proposed deal was “not in the best interest of Platinum shareholders,” at least “in its current form.” Platinum has struggled with outflows…
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