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  • TKO 11.4 TKO 11.4 Revision of bids

    • TKO 11.4.1 TKO 11.4.1

      A Bidder must ensure that its Bid, if revised, is kept open for at least 14 days following the date on which the revised Bid Document is posted.


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

      • TKO 11.4.1 Guidance

        1. No document revising the Bid may therefore be posted within the 14 days ending on the last day the Bid may become unconditional as to acceptances.
        2. TKO Rule 11.2.4 also applies in relation to revised bids. If statements in relation to the value or type of consideration such as "the Bid will not be further increased" or "our Bid remains at x cents per Share and it will not be raised" ("no increase statements") are included in documents sent to Target shareholders, or are made by or on behalf of a Bidder, its Directors, officials or advisers, and not withdrawn immediately if incorrect, then only in exceptional circumstances will the DFSA permit the Bidder to subsequently amend the terms of its Bid in any way, even if the amendment would not result in an increase of the value of the Bid, except where the right to do so has been specifically reserved.

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

    • TKO 11.4.2

      Where a Bid is revised, all shareholders who accepted the original Bid must be entitled to the revised consideration.


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

    • TKO 11.4.3

      The Bidder may introduce new conditions only to the extent necessary to implement an increased or improved Bid.


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