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 […]
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 […]
On 3 December 2019, BRZ CVM issued ins 616/2019 on changes re takeover bids regime. Some changes not in version submitted to consultation are result of feedback received. I.e. publication requirements for takeover bids were relaxed, suppression of sell option of non-OPA shareholders due to increase in shareholding when it reaches 2/3 limit. Art 35 […]
On 15 November 2019, PHI SEC ordered CMIC takeover of R&L Investments. Ordered Capital Markets Integrity Corporation (CMIC) to take over the operations of R&L Investments, to protect affected customer accounts on 14 November 2019. Following the stock brokerage’s collapse allegedly due to unauthorized transfers of proprietary, client shares worth about P700mn into an account […]
On 30 September 2019, Thai SEC updated on conditions for a tender offer. Regarding rules, conditions and procedures for securities acquisition for a takeover. Adds to the third paragraph of clause 11 of the notification of the capital market regarding rules, conditions and procedures for the acquisition of securities May, 2011. Clause 11 states that […]
On 29 July, 2019, IND SEBI published the second amendment to the regulations. Added sub-regulation on increase in voting rights of any shareholder beyond threshold. Also added sub-regulation regarding “encumbrance” and on declarations of promoters. The rules shall come into force on the date of their publication in the official gazette