Regulatory Alerts2020-04-30
Added · Updated
Securities Industry (Take-Over) (Amendment) Rules, 2020
The Securities Commission of The Bahamas amends the Securities Industry (Take-Over) Rules, 2011, to update definitions and procedural requirements for take-over offers. The amendments revise Rule 3 to include persons acting in concert and equity securities, and modify Rule 30 to allow the Commission to waive mandatory offer requirements in cases of restructuring or market interest. Rule 33 is replaced to clarify that dissenting shareholder provisions apply when an offeror acquires ninety percent or more of voting securities, while Rules 36 and 37 are repealed. Additionally, Rule 65 is amended to require offerors to send copies of dissenting shareholder notices to the offeree issuer.
Topics
Share