Entire Section

  • TKO 5.2.1 TKO 5.2.1

    Where the Shares of any class under Bid in the Target acquired for cash by a Bidder or any Person acting in concert with it during the Bid Period, or within six months prior to its commencement, carry 10% or more of the voting rights currently exercisable at a class meeting of that class, the Bid for that class must be in cash or accompanied by a cash alternative at not less than the highest price paid by the Bidder or any Person acting in concert with it for Shares of that class during the Bid Period or within six months prior to its commencement.


    Derived from DFSA RM23/2005 (Made 26th September 2005). [VER1/09-05]

    • TKO 5.2.1 Guidance

      1. The DFSA may waive or modify the application of TKO Rule 5.2.1 if it is satisfied that circumstances are appropriate. For example, if the Bidder considers that the highest price ought not to apply in a particular case, it must consult the DFSA, which may grant a waiver or modification to reflect an adjusted price. See TKO Chapter 16 of these Rules.
      2. Also note related provisions TKO Rule 3.1.1 (acquisitions before a Bid Period) and TKO Rule 4.3.1 (consideration to be offered in a Mandatory Bid).

      Derived from DFSA RM23/2005 (Made 26th September 2005). [VER1/09-05]