Regulatory Alerts2021-12-28
Frequently-Asked Questions on the Revised Rules on Take-Overs, Mergers and Compulsory Acquisitions
The Securities Commission Malaysia issued these FAQs to clarify amendments to the Rules on Take-overs, Mergers and Compulsory Acquisitions regarding director restrictions and offer announcements. The document specifies that restrictions against favourable deals in whitewash procedures apply to directors who served at the proposal stage for six months post-meeting, while excluding those appointed after the shareholder vote. It further details the requirements for pre-conditional possible and firm offer announcements, mandating prior SC consultation and consent for firm offers, and outlining conditions under which an offeror may withdraw from a transaction.
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