Companies Act, 1973 (Act No. 61 of 1973)The Securities Regulation Code on Takeovers and MergersThe CodeSection H. Provisions Applicable to all OffersRule 11. Where there is more than one class of securities |
11.1) | Comparable offers |
Where a company has more than one class of security as its capital, a comparable offer must be made for each class whether such capital carries voting rights or not; the Panel shall be consulted in advance. An offer for non-voting securities shall not be made conditional on any particular level of acceptances in respect of that class unless the offer for the voting securities is also conditional on the success of the offer for the non-voting securities. Classes of non-equity securities need not be the subject of an offer, except in the circumstances referred to in Rule 8.1.
11.2) | Separate offers for each class |
Where an offer is made for more than one class of securities separate offers shall be made for each class.