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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Brazil – CVM Changes to Rules on Takeover Bids
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…
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Philippines – SEC R&L Investment Takeover
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…
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Thailand – SEC Securities Acquisition
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…
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India – SEBI Amended Takeover Rules
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
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France – AMF Takeover Bid Trigger
On 27 June 2019, FR AMF announced amendments to general regulation. A decree of 19 June 2019, published in Official Journal of 21 June 2019, makes amendments to book II of general regulation on takeover bids and squeeze-out. Made pursuant to Article 75 I of Law No. 2019-486 of 22 May 2019 on growth and…
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