The offeror or anyone who directly, indirectly or in concert with third parties holds a stake of at least 3% of the voting rights, whether exercisable or not, of the target company or, as the case may be, of another company whose equity securities are being offered in exchange must, from the time the offer is published until the expiry of the offer period, notify the Takeover Board and the stock exchanges on which the securities are listed of any acquisition or disposal of equity securities of such company.
A group organised pursuant to an agreement or otherwise shall be subject to this notification duty solely as a group.
The Takeover Board may subject to the same duty anyone who, from the time the offer is published until the expiry of the offer period, acquires or disposes of, directly, indirectly or acting in concert with third parties, a certain percentage of the equity securities of the target company or of another company whose equity securities are being offered in exchange.
If a company or stock exchange has reason to believe that a shareholder is in violation of the notification duty, it shall inform the Takeover Board of such fact.
The Takeover Board shall issue rules on the scope, form and time allowed for notification and on the percentage relevant for the application of paragraph 3.
0 commentaries
No commentaries are available for this article yet.