"Finance Law Alert" publication.
Transkript
"Finance Law Alert" publication.
Finance Law Alert CMB Plans to Amend Tender Offer Regulations Capital Markets Board of Turkey (“CMB”) has made a public announcement on December 19, 2014 related to the Draft Communiqué amending the Communiqué on Tender Offer (II-26.1) for the purpose of clarifying the uncertainties in practice. By the Draft Communiqué mainly the following amendments are anticipated; • Scope of the occasions that do not trigger tender offer obligation are extended by evaluating the situations that may cause a change in management control of the company. In this respect, in case of mergers and share transfers made within the frame of a written contract are regarded as the occasions that do not trigger tender offer obligation under certain conditions. • Thus, the un-clarities in relation to the mandatory tender offer encountered in practice are enlightened. Furthermore, the beginning time of actual tender offer procedure and the price of the mandatory tender offer are clarified; and certain amendments with respect to the scope and price of the voluntary tender offer are brought by the Draft Communiqué. www.gsghukuk.com Our Finance Law Team Umurcan Gago Gündüz Şimşek Gago Attorneys at Law Partner T: +90 (212) 326 6472 umurcan.gago@gsghukuk.com Bekir Emre Haykır Gündüz Şimşek Gago Attorneys at Law Senior Manager T: +90 (212) 326 6813 emre.haykir@gsghukuk.com Pınar Karamahmutoğlu Gündüz Şimşek Gago Attorneys at Law Senior Attorney T: +90 (212) 326 6868 pinar.karamahmutoglu@gsghukuk.com Filiz Piyal Gündüz Şimşek Gago Attorneys at Law Senior Attorney T: +90 (212) 326 6868 filiz.piyal@gsghukuk.com 2