On 25 March 2020, HK SFC found Magic Holdings violated late disclosure. Market misconduct tribunal (MMT) found Magic Holdings and its directors culpable of late disclosure of inside information on L’Oréal's proposed takeover of Magic in 2013. Failure to Disclose In April 2013, L’Oréal and Magic’s founders agreed that an offer price of not less than $5.5…
Read more
U.K. – CMA Cobham Takeover
On 18 September 2019, UK CMA responded to proposed acquisition of Cobham. On 17 September 2019, secretary of state issued a European intervention notice to intervene in the proposed takeover of UK defence company Cobham on national security grounds. UK CMA Report UK CMA will need to prepare a report on the national security aspects…
Read more
Hong Kong – HKIA Takeover Insurer Oversight
On 31 July 2019, HKIA published consultation conclusions for F&P, CPD Guidelines. Both F&P and CPD guidelines will take effect immediately upon commencement of the new statutory regulatory regime for insurance intermediaries on 23 September 2019. Except for new minimum CPD hours, which will come into operation on 1 August 2021. Background (September 2018) New…
Read more
China – CBIRC Baoshang Bank Takeover
On 24 May, CHI CBIRC, CHI CB issued notice on bank takeover. Decided to take over management of Baoshang Bank for one year, due to serious credit risk, in order to protect the rights and interests of the bank customers. Takeover A takeover team was set up by relevant parties to take over the management.…
Read more
Thailand – SEC Takeover Threshold
On 7 February 2019, Thai SEC proposed improving rules for trading securities. Consulting on improving rules for reporting acquisition or disposal of securities and holding securities for business takeover in order to ensure greater clarity.Proposed changesThe seller and the purchaser of securities must submit a report on the acquisition or disposal of securities within five…
Read more