On 5 May 2022, UK TO Panel issued various amendments to takeover code. UK TO Panel published amendments to the takeover code publication of RS 2021/1, on Miscellaneous Code amendments, RS 2022/1 on Removal of restriction on anonymous order book dealings, as well as Instrument 2022/3, that dealt with Document Charges. Various documents dated 5…
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U.K. – Takeover Panel Issues Consultation Paper
On 26 May 2022, The Takeover Panel released PCP 2022/2 for public comment. The consultation paper sets out a number of proposed amendments to the presumptions of the definition of "acting in concert" in the Takeover Code. Comment period is open through 23 September 2022.
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U.K. – GVT Perpetuus China Takeover
On 11 May 2022, UK CMA reported business secretary Kwasi Kwarteng ordered phase 2 probe of Taurus International's takeover of Perpetuus on national security grounds. Kwarteng has quasi-judicial powers under Enterprise Act 2002 to intervene in certain mergers on public interest grounds; this decision follows the phase 1 process during which CMA investigated the potential…
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Thailand – SEC Revised Takeover Rules
On 3 May 2022, Thai SEC revised its takeover rules to simplify the process and increase flexibility in delivering documents to shareholders electronically. The requirement for the offeror to submit a copy of the tender offer and related reports to the Stock Exchange of Thailand has been repealed. Cancellation of the advertisement of the tender…
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Thailand – SEC Merger, Takeovers, Acquisition Updates
On 1 May 2022, Thailand SEC's notification of tender offer becomes effective. Background: On 30 March 2022, Thai SEC issued criteria for requesting a waiver from a tender offer; and a transaction form and timeline for preparing an opinion on the tender offer. Point to make a tender offer for securities means the holding of…
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Australia – Gvt Counterparty Law Changes
On 14 April 2022, AUT GVT published new resolution and enforcement rules. AUT GVT published new legislation amending the Restructuring and Liquidation Act, the Takeover Act, as well as Central Counterparty Enforcement Act, from August 2022. Restructuring and Liquidation Act The changes confirm that AUT FMA must form a separate unit within its structure to…
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