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 More

Upstream 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 More

Differential 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 More

Scrip 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 More

Offers 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 More

Conclusion

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...

Read More