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

Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part D : Duties and Conduct of Offeree and Directors

112. Acquisition of own securities by offeree

 

 

During an offer period, an offeree regulated company and its subsidiary companies may not acquire the offeree regulated company's own securities without—

(a) the prior written approval of the Panel, and the approval of the holders of relevant securities; or
(b) in terms of a pre-existing obligation or agreement entered into before the time contemplated in section 126 (1).