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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]
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  • TKO 5.3 Subjective conditions

    • TKO 5.3.1

      Subject to prior consent of the DFSAG , a BidG shall not be subject to conditions which depend solely on subjective judgements by the DirectorsG of the BidderG or the fulfilment of which is in their hands.


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

      • TKO 5.3.1 Guidance

        1. The DFSAG may be prepared to accept an element of subjectivity in certain special circumstances where it is not practicable to specify all the factors on which satisfaction of a particular condition may depend. This may especially arise in cases involving official authorisations, the granting of which may be subject to an additional material obligation of the BidderG . Consent would also normally be granted where an announcement for a BidG is to be expressed as being conditional on statements or estimates being appropriately verified.
        2. A BidderG should not invoke any condition, other than the acceptance condition, so as to cause the BidG to lapse unless the circumstances which give rise to the right to invoke the condition are of material significance to the BidderG in the context of the BidG .
        3. Conditions that depend solely on a force majeure are not prohibited by this RuleG .

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