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


Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part B : General Rules Respecting Negotiations and Offers

94. Consensual negotiations


(1) If a potential offeror and a regulated company are negotiating on a consensual basis-
(a) an offer in good faith must be regarded as being imminent; and
(b) section 126 applies to the regulated company from the beginning of those negotiations.


(2) Until a firm intention announcement is published, a regulated company that is the subject of rumour, speculation or a cautionary announcement published by a potential offeror, may presume that an offer in good faith is not imminent, unless the regulated company is consensually negotiating with a potential offeror.