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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

96. Conditional Offers

 

 

An offer must not be subject to any condition—

(a) that depends solely on subjective judgment by the directors, or equivalent, of the offeror; or
(b) if the directors, or equivalent, of the offeror are able to control whether or not the condition will be fulfilled.