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Companies Act, 2008 (Act No. 71 of 2008)


Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part A : Interpretation and Application

85. Change in control


(1) If a change in control takes place in a pyramid or intermediate pyramid, the offeror must make an offer or offers to—
(a) holders of securities of the pyramid or intermediate pyramid, if any is a regulated company; and
(b) holders of securities of the controlled company, excluding securities held by the pyramid or intermediate pyramid.


(2) The principles governing mandatory offers and comparable offers apply to offers required by this regulation.