On 2 December 2021, UK TO Panel said documents must be in electronic form. UK TO Panel issued miscellaneous code amendments, stated that with immediate effect, the executive will accept offer documentation in electronic form only. Background Rule 30.5 of the Takeover code currently requires that, when an offeror/offeree firm publishes offer document, scheme circular,…
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U.K. – Investigation of Nvidia’s Takeover of Arm
On 16 November 2021, UK CMA announced the digital secretary asked CMA to carry out further investigation into NVIDIA’s takeover of Arm in a phase 2 investigation. Ordered an in-depth investigation on the grounds of national security and competition. Follows phase one process investigating the merger potential competition implications. UK CMA's phase one report found…
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Slow Third Quarter to Foreign Direct Investment Changes
As expected, it’s been a slow third quarter for changes to foreign direct investment (FDI). Following on from my last update, we’ll start in the AsiaPac region and move westward, read the full article.
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U.K. – GVT Perpetuus China Takeover
On 22 September 2021, UK GVT issued correction slip so in article 4(b): ...ordinary course of business, course of business, no... should read ...ordinary course of business, no... Background On 7 Septemebr 2021, UK GVT issued rules on proposed Chinese takeover of firm. UK GVT issued public interest merger reference (Perpetuus Advanced Materials plc) (pre-emptive…
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SWI – GVT Foreign Investment Control
On 25 August 2021, SWI GVT issued rules on foreign investment control. SWI GVT Federal Council set parameters for monitoring investments in Switzerland. Aimed to implement motion 18.3021 Rieder Protecting Swiss economy by controlling investments; the project will probably be put for consultation at end of March 2022. The Federal Council has so far spoken…
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Canada – CSE Takeovers By Listed Issuers
On 13 July 2021, CSE issued notice on takeover disclosure requirements. CSE issued guidance, expectations on disclosing certain acquisitions by listed issuers. Exchange reviewed acquisitions of private companies by listed issuers that do not seem to meet fundamental changes criteria, yet significant number of listed securities. Cited CSE Policy 6 distributions, for acquisitions involving issuance…
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