Part 5: Part 5: Takeovers
51. Purpose of this Part
The purpose of this Part, and of Takeover Rules made for the purpose of this Part, is to:(a) ensure that where a Takeover takes place, it does so in an efficient, competitive, fair and informed market;(b) ensure that shareholders are treated fairly and shareholders of the same class are treated the same; and(c) provide an orderly framework within which a Takeover is conducted.
52. Takeover Rules
The DFSA shall make Rules known as the Takeover Rules prescribing the procedures for and obligations of persons in respect of a Takeover of a Reporting Entity.
53. Takeover Principles(1) The DFSA shall make Takeover Rules prescribing a set of Takeover principles relating to, but not limited to:(a) treatment of shareholders and of classes of shareholders in a Takeover;(b) adequacy of time and of information provided to shareholders to enable proper consideration of a Takeover bid;(c) avoidance of the creation of false markets; and(d) avoidance of oppression of minorities.(2) A person who is involved in a Takeover of a Reporting Entity shall comply with and observe the spirit and the wording of the Takeover principles.