CodeWord Issue 13 - January 2005
In this issue
The Takeovers Panel’s exemption power
Since the introduction of the Takeovers Code the Panel has received a large number of applications for exemption from compliance with the Code. Many o…
Read MoreUpstream acquisitions
The Code was deliberately constructed to capture the acquisition of voting rights in Code companies by means of a transaction upstream from the direct…
Read MoreDifferential offers
Rule 20 of the Code requires an offer to be made on the same terms and provide the same consideration to all shareholders of the same class. Recently …
Read MoreScrip offers and overseas shareholders
A number of offerors making scrip offers have sought exemptions from rule 20 to allow them to offer overseas shareholders cash only rather than scrip.…
Read MoreOffers for convertible securities
When a full takeover offer is made the Code requires that the offer be made for all equity securities of the target company. The Code also requires th…
Read MoreConclusion
The Panel is a market panel and part of its role is to facilitate competition for control of Code companies. However, it is not the Panel’s role to gr…
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