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 offer. The Panel has granted a number of exemptions from this rule (mostly in cases where an existing shareholder uses a special purpose vehicle to make a takeover offer). Rule 35 will be amended to clarify that persons acting jointly or in concert with an offeror may accept the offeror’s offer. As such, exemptions will no longer be required.

Drafting anomalies

The amendments will also remove several drafting anomalies and inconsistencies in the Code.

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