On 27 July 2020, IND SEBI said relaxations are further extended and shall be applicable for open offers and buy-back through tender offers opening up to 31 December 2020. Background On 1 July 2020, IND SEBI released (substantial acquisition of shares and takeovers) (third amendment) regs, 2020, which enter to force on publication in official…
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Portugal – CMVM Rejects Futebol Takeover
On 15 July 2020, CMVN board of directors decided to lift the suspension of trading of Sport Lisboa e Benfica shares - Futebol SAD and other related instruments. The suspension was lifted following the disclosure of relevant information.
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India – SEBI Amended Takeover Rules
On 1 July 2020, IND SEBI released (substantial acquisition of shares and takeovers) (third amendment) regs, 2020, which enter to force on publication in official gazette. Provide that for indirect acquisitions where public announcement has been made, an amount equivalent to 100% of the consideration shall be deposited in escrow account. Provide further that the…
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Spain- CNMV SIX and BME Takeover Bid
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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India – SEBI Issues Takeovers Amendment
On 16 June 2020, IND SEBI issued (substantial acquisition of shares and takeovers) (amendment) regulations, 2020 which enter to force on publication in official gazette. Regulation 3, in sub-regulation(2), states that the acquisition beyond 5% to 10% of voting rights in target company shall be allowed in 2020-21 only in respect of acquisition by a…
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China – CBIRC Baoshang Bank Takeover
On 23 May 2020, CHI CB and CHI CBIRC approved extension of takeover period for Baoshang Bank by six months, from 24 May 2020 to 23 November 2020, due to Covid.
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