Decision No. 81: Exemption from Tender Offer Rules for Treasury Share Cancellation and Capital Increase Cases

The Capital Market Authority's Board of Directors issued Decision No. 81 of 2013, which formally exempts specific corporate capital adjustments from the mandatory tender offer requirements stipulated in Chapter Twelve of the Executive Regulations of Capital Market Law No. 95 of 1992. This exemption explicitly applies to capital reductions triggered by the cancellation of treasury shares and to capital increases financed through cash or credit balances. However, the decision clarifies that this exemption does not extend to the purchase of subscription rights associated with any capital increase.