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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Rulebook Modules
Takeover Rules Module (TKO) [VER7/02-16]
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Consultation Papers
Policy Statements
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Amendments to Legislation
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Financial Markets Tribunal

Whole SectionText only Print Print Manager Link

(1 version)
Sep 26 2005 onwards

TKO 6.5.1

Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

A BidderG must not require the shareholders of the TargetG , as a term of his acceptance of a BidG , to appoint a proxy to vote in respect of those SharesG or to appoint a particular PersonG to exercise any other rights or take any other action in relation to those SharesG unless the appointment is on the following terms, which must be set out in the Bid DocumentG :

(a) the proxy may not vote, the rights may not be exercised and no other action may be taken unless the BidG is wholly unconditional or, in the case of voting by the proxy, the BidG will become wholly unconditional or lapse immediately upon the outcome of the resolution in question;
(b) where relevant, the votes are to be cast as far as possible to satisfy any outstanding condition of the BidG ;
(c) the appointment ceases to be valid if the acceptance is withdrawn; and
(d) the appointment applies only to SharesG in respect of which there is an acceptance of the BidG .

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