On 14 May 2020, IND SEBI issued another one-time relaxation pertaining to open offers and buy-back tender offers opening up to 31 July 2020. Background On 25 August 2019, IND SEBI amended substantial acquisition rules. Revises SEBI 2011 September circular on reports, disclosures required on making takeovers. Per 30(1), 30(2) Substantial Acquisition of Shares and…
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Ireland – CCPC Merger Notifications
On 7 May 2020, IRE CCPC said simplified notification regime from 2020. IRE CCPC announced Simplified Merger Notification Procedure from 1 July 2020. Simplified merger notification procedure will not replace the current procedure, but will facilitate more efficient review of mergers that do not raise competition concerns. Benefits Simplified procedure will shorten review periods for…
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Brazil – GVT Mergers and Acquisitions
On 30 April 2020, BRZ GVT issued rules on specific M&A assessments. Circular 4.013 of 28 April 2020 on BRZ CB assessment of certain concentration acts. Amended cir 3.590 of 2012 re analysis of mergers in the National Financial System. Key Aspects Specific concentration acts involving, directly or indirectly, financial institutions that must be submitted…
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India – SEBI Extended Takeover Disclosures
On 27 March 2020, IND SEBI extended the due date of filing disclosures, in terms of regulations 30(1), 30(2) and 31(4) for the financial year ending 31 March to 1 June 2020. Background Information On 25 August 2020, IND SEBI amended substantial acquisition rules. Revises SEBI Sep. 2011 circular on reports, disclosures required on making…
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India – SEBI Substantial Acquisitions
On 3 February 2020, IND SEBI proposed amendments to regulations. The aim of the discussion paper is to seek feedback from the public on the proposed amendments in SEBI (substantial acquisition of shares and takeovers) regulations. Proposals Completion of acquisition through stock exchange settlement process for all types of deals including bulk and block deals…
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Netherlands – EA Takeovers Cooling-off Period
On 19 December 2019, NLD EA issued bill on cooling-off in hostile takeovers. Bill submitted to the Lower House, results from the coalition government agreement and follows previous bill on cooling-off period during hostile takeovers. Details New bill provides for the board of a Dutch listed company to be given a cooling-off period of up to…
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