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  • TKO 12.1 TKO 12.1 Delay of twelve months

    • TKO 12.1.1

      Where a Bid has been announced or posted but has not become or been declared unconditional and has been withdrawn or has lapsed, neither the Bidder, nor any Person who acted in concert with the Bidder in the course of the original Bid, nor any Person who is subsequently acting in concert with any of them, may within 12 months from the date on which such Bid is withdrawn or lapses either:

      (a) make a Bid for the relevant Shares of the Target (including a partial Bid which could result in the Bidder holding Shares carrying 30% or more of the voting rights of the Target); or
      (b) acquire any Shares of the Target if the Bidder or any such Person would thereby become obliged under TKO Chapter 4 to make a Bid;
      (c) acquire any Shares of the Target or any rights over such Shares if the Shares and rights over Shares held by any such Person, together with Persons acting in concert with him, would in aggregate carry 30% or more of the voting rights of the Target.

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

    • TKO 12.1.2

      The restrictions in TKO Rule 12.1.1 also apply following a partial Bid which could result in a holding of not less than the 30% and not more than 50% of the voting rights of the Target whether or not the Bid has become or been declared unconditional. When such a Bid has become or been declared unconditional, the period of 12 months runs from that date.


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