CodeWord Issue 34 - May 2013
In this issue
Technical Amendments to the Code
A number of amendments to the Takeovers Code will come into force on 1 June 2013. The amendments are the culmination of a review of the Code conducted…
Read MoreChanges relating to partial offers
A partial offer under the Code enables a person to make an offer for less than 100% of the voting securities in a Code company by way of an offer to a…
Read MoreChanges relating to shareholder meetings
Where an acquisition or allotment of shares must be approved by the shareholders of the Code company under rules 7(c) or 7(d), a notice of meeting mus…
Read MoreChanges relating to offer documentation / process
Offer conditions and defensive tactics (clauses 15, 20)Rule 25(1) provides the offeror with broad discretion to include conditions in the offer (altho…
Read MoreOther Changes
Rule 35 dispositions (clause 16)Currently, rule 35 prohibits a person who acts jointly or in concert with an offeror from accepting the offeror’s offe…
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