ABSTRACT

The legal regimes that the offeror will have to comply with will vary, depending on whether the company is a listed or non-listed company, and will also depend on the particular type of offer being made. In the case of listed companies, they will be required to publish a prospectus complying with Council Directive 89/298/EEC ([1989] OJ L124/8) (the Prospectus Directive), Sched 3 to the Companies Act (CA) 1963, as well as the Stock Exchange’s own rules, as applicable. A non-listed company on the other hand, will be required to publish a prospectus complying with the Prospectus Directive and/or Sched 3 to the CA 1963, as applicable.