On 17 June 2020, ESP CNMV issued rules for period of forced right of sale. ESP CNMV release on BME share sales orders during period of forced right of sale. Followed March 2020, ESP GVT authorized purchase of Spanish exchange. Takeover Bid Announcement On 16 June 2020, SIX Group AG (SIX) communicated, in line with…
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U.K. – Takeover Panel Moss Bros Takeover
On 26 May 2020, UK TO Panel reported that Brigadier has withdrawn its request for a review of the ruling, therefore the UK TO Panel's ruling of 19 May 2020 stands.
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U.K. – CMA Mastercard and Nets Merger
On 3 April 2020, UK CMA requested EC investigate proposed acquisition. CMA has requested the European Commission to investigate the anticipated acquisition by Mastercard Incorporated of parts of the corporate services business of Nets A/S. Followed February 2020 request by Danish Competition and Consumer Authority (DCCA). Merger is subject to clearance by the DCCA and…
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Hong Kong – SFC Magic Holdings Late Disclosure
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…
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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…
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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…
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