Regulatory Alerts2002-08-22 | RG-025RG 25 Takeovers: False and misleading statements
The regulator issued Regulatory Guide 25 to provide guidance to market participants, including bidders, targets, and substantial holders, regarding public statements made during takeover bids. The document addresses the principle of 'truth in takeovers' by identifying statements commonly made in this context that may be misleading or deceptive. It serves as a compliance resource to help entities avoid making false or misleading representations while conducting takeover activities.
Reissued 22 August 2002
Previous version: Superseded Policy Statement 25 [SPS 25] (superseded 22 August 2002)
This regulatory guide addresses the issue of ‘ truth in takeovers ’ . It is for the guidance of market participants (bidders, targets and substantial holders) making public statements during takeover bids. Our policy considers statements that:
in our experience are commonly made in the course of takeover bids, and
may be misleading or deceptive.
Download RG 25 (PDF 128 KB)