CodeWord Issue 26 - May 2010
Please note that the Panel does not update past issues of CodeWord. As such, the material may become out of date over time. Please refer to the Panel's guidance notes for up-to-date regulatory guidance.
In this issue
Rule 20 of the Code and Collateral Arrangements in a Takeover
BackgroundA key feature of the Code is that a takeover offer must be made on the same terms and provide the same consideration for all securities belo…
Read MoreGuidance Note – Payment of Takeover Consideration in Foreign Currency
The Takeovers Code has no prescriptive rules about the form of consideration that can be offered in a takeover. Consideration can include scrip (e.g.,…
Read MoreCalculating the Specified Percentage for a Partial Takeover Offer
The Panel is concerned that market participants may be encountering difficulty with the application of rule 9 of the Code.
A partial offer under the…
Extension of Offer Period for a Partial Offer
There are potential risks associated with extending the offer period for a partial offer if the offer is likely to become unconditional before the end…
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