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These are matters for the offeree company and its shareholders.
The Directive operates to stymie defensive maneuvers on the part of the offeree company board and protect shareholder interests.
An offeree company must not be hindered in the conduct of its affairs for longer than is reasonable by a bid for its securities.
The Code is designed principally to ensure that shareholders in an offeree company are treated fairly and are not denied an opportunity to decide on the merits of a takeover and that shareholders in the offeree company of the same class are afforded equivalent treatment by an offeror.
The Takeover Panel has stated that these types of protections may "deter competing offerors from making an offer, thereby denying offeree company shareholders the possibility of deciding on the merits of a competing offer".
All holders of the securities of an offeree company of the same class must be afforded equivalent treatment; moreover, if a person acquires control of a company, the other holders of securities must be protected.
Similar(46)
The Securities Act is a disclosure statute and registration makes information about the company and the transaction available to offerees and purchasers.
This same offeree had recently read an article about violins being an excellent financial bet.
Second, if the offeree's acceptance is made expressly conditional on the offeror's assent to variant provisions, the offeree has made a counter-offer.
But the offeree, who has a very bad history with expensive wineglasses and vases, declined.
(A revocation by the offeror, however, does not take effect until received by the offeree).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com