Acts Online
GT Shield

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

Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part C : Announcements and Offers

99. The approach

 

 

(1) An approach with a view to an offer being made, or an offer, must be made only to the board of the offeree regulated company.

 

(2) If an offer, or an approach with a view to an offer being made, is made by a person other than the ultimate offeror or potential offeror, the person making the offer must disclose the identity of the ultimate offeror or potential offeror, when the offer is put forward to the board of the offeree regulated company.

 

(3) The board of an offeree regulated company that has been approached with a view to an offer being made may require reasonable evidence that the offeror is, or will be, in a position to implement the offer in full.

 

(4) The board of an offeree regulated company that has received an offer must be provided with evidence, acceptable to the board, that the offeror is in a position to implement the offer in full.