On 8 August 2023, AST TO Panel revised guidance re deal protection, insiders. AST TO Panel issued revised Guidance note 7: deal protection (previously named Lock-up devices), revised Guidance note 19: insider participation in control transactions. This is the fifth issue as well as third issue of the guidance notes, respectively. Context AST TO Panel…
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U.K. – FB Takeover Code Rule 21 Updates
On 27 July 2023, UK FB issued response to UK TO Panel proposed changes. UK FB issued its analysis of and response to, UK TO Panel's consultation on proposed amendments to Rule 21 of the Takeover Code, dealing with frustrating actions. Follows UK TO Panel May 2023, proposed amendments on Rule 21. Overview Rule 21.1…
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Australia – GVT – Foreign Acquisition/Takeover
On 8 July 2023, AST GVT registered 29th compilation of the Foreign acquisitions and takeovers act 1975, showing the text of the act as amended and in force 1 July 2023. Compilation reflects consequential amendments made by Foreign investment reform (protecting Australia's national security) act 2020.
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France – CMP Takeover of Smartbox Group
On 2 May 2023, FR CMP announced in-depth investigation of acquisition. FR CMP announced an in-depth investigation re takeover of Smartbox by Wonderbox. Acquisition's Parties Wonderbox group notified its plan to acquire the Smartbox group on Mar. 24, 2023. The buyer, the simplified joint-stock company Wonderbox, is controlled exclusively by the company W Group and…
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Switzerland – SBA Credit Suisse Takeover
On 28 April 2023, SWI SBA updated on Credit Suisse takeover implications. SWI SBA updated on assessment of the implications of the Credit Suisse takeover. Follows SWI SBA March 2023 showed support for Credit Suisse takeover. Overview Takeover by UBS and measures taken by Swiss authorities were a drastic event for the Swiss financial center;…
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U.S. – Fed UBS, Takeover of US Credit Suisse
On 14 April 2023, Fed issued approval of Credit Suisse takeover in the US. Fed approved UBS Group AG to acquire the US subsidiaries of Credit Suisse Group AG. Follows March 2023 approved UBS takeover of Credit Suisse in Switzerland. Implementation UBS has committed to provide Fed with implementation plan, to be updated quarterly. Will…
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