On 28 December 2021, the Securities Commission of Malaysia (SC) revised the Rules on Take-overs, Mergers and Compulsory Acquisitions (Rules). The effective date of the revisions is 29 December 2021.
This Alert focuses on the key amendments introduced to the Rules and a comparison against equivalent provisions under the United Kingdom’s Takeover Code (UK Code), the Singapore Code on Take-Overs and Mergers (SG Code) and the Hong Kong Codes on Takeovers and Mergers and Share Buy-Backs (HK Code).
Summary of amendments
The SC has introduced three key amendments to the Rules, which are summarized as follows:
- Introduction of new restrictions on dealings by persons who are not the offeror prior to the announcement of a take-over offer
- Clarification in respect of pre-conditional announcements and pre-conditional voluntary offer announcements
- Introduction of new conduct requirements that will apply in a whitewash exemption
Additionally, the SC also refined other sections of the Rules and these are summarized under “other amendments”.
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