The Board meeting of SEBI held recently announced the new takeover code based on the report of the Takeover Regulations Advisory CommiÂttee (TRAC) submitted earÂlier in July 2010. The TRAC recoÂmmendations accepted inÂclÂuÂde: The minimum offer size shall be increased to 26 per cent of the total issued capital from the existing 20 per cent of the total issued capital; Initial trigger threshold increased to 25 per cent from the existing 15 per cent; There shall be no separate provision for non-comÂpete fees and all shareholders shall be given exit at the same price; In cases of competitive offers, the successful bidder can acquire shares of other bidder(s) after the offer period without attracting open offer obligaÂtÂions; and A recommendation on the offer by the Board of Target Company has been made mandatory. The Board however, did not accept the recommendation of TRAC to provide for delisting pursuÂant to an offer and proportioÂnate acceptance.
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Home » SEBI's new takeover code
SEBI's new takeover code
ECONOMY & POLICY
August 1, 2011August 1, 2011

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