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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Takeover Rules Module (TKO) [VER7/02-16]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • TKO 5.2 Requirement for a bid in cash

    • TKO 5.2.1

      Where the SharesG of any class under BidG in the TargetG acquired for cash by a BidderG or any PersonG acting in concert with it during the Bid PeriodG , 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 BidG for that class must be in cash or accompanied by a cash alternative at not less than the highest price paid by the BidderG or any PersonG acting in concert with it for SharesG of that class during the Bid PeriodG 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 DFSAG may waive or modify the application of TKO Rule 5.2.1 if it is satisfied that circumstances are appropriate. For example, if the BidderG considers that the highest price ought not to apply in a particular case, it must consult the DFSAG , which may grant a waiver or modification to reflect an adjusted price. See TKO Chapter 16 of these RulesG .
        2. Also note related provisions TKO Rule 3.1.1 (acquisitions before a Bid PeriodG ) and TKO Rule 4.3.1 (consideration to be offered in a Mandatory BidG ).

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