The Financial Times has reported that a slew of takeover bids in UK Companies has some hedge funds on the wrong side of short selling. Millennium, GLG, and Gladstone are a few hedge funds that were short selling UK companies that are now part of takeover bids. Takeover bids have sent the share price of…
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India – SEBI Share Acquisition, Takeovers
On 17 May 2024, IND SEBI issued amendment regulations titled Securities and Exchange Board of India (substantial acquisition of shares and takeover) (amendment) regulations, 2024, effective from same day, being the date published in official gazette. Inserts sub-regulation that the effect on the price of equity shares of target company due to material price movement…
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Netherlands – ACM Takeover of RTL by DPG
On 17 May 2024, NLD ACM said more investigation needed into takeover. NLD ACM informed that more investigation is needed into the takeover of RTL by DPG. Follows NLD ACM January 2023 rejection of RTL takeover of Talpa. Main Concerns The acquisition would create a media company with a wide range of television, video streaming,…
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Hong Kong – Updates to Takeover Offer Tables
On 21 May 2024, the SFC updated the takeover offer tables. Takeover Offer period for Tonking New Energy Group Holdings Limited (Stock Code: 8326) closed. Takeover Offer period for Holly Futures Co., Ltd. (Stock Code: 3678) closed. Takeover new offer period has commenced for Hong Kong Technology Venture Company Limited (stock code: 1137) from 22…
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Australia – GVT on ASIC Derivative Clearing Re: Takeovers
On 14 May 2024, AST GVT registered an amendment and repeal instrument. AST GVT registered ASIC corporations (amendment and repeal) instrument 2024/229. As per explanatory statement, it repeals instruments which no longer have any legal effect, but would otherwise continue to be identified as in force until their sunset date. Repeals The instrument repeals ASIC…
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U.K. – FCA Fines for Exploitation of Takeover Information
On 10 May 2024, UK FCA reported on sentencing hearing at Southwark Crown Court. Stuart Bayes was sentenced to 18 months’ imprisonment, suspended for 2 years. Also given Rehabilitation Activity Requirement of 35 days, must carry out 150 hours of unpaid work; Judge said Bayes deliberately and dishonestly probed for information on when the takeover…
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