ADVOKS GLOBAL · KENYA
The Capital Markets (Take-Overs and Mergers) Regulations
16. Variation of take-over offer
Edition: 2022-12-31 · In force
16. Variation of take-over offer
(1)An offeror may vary the terms and conditions of a take-over offer including increasing the consideration offered in relation to the whole or part thereof provided such variation shall be made at least five days prior to the closure of the offer period.(2)The varied take-over offer document shall set out in an appropriate form particulars of such modification of the offeror's statements and information required under the Second Schedule as are necessary having regard to the variations.(3)The offeror shall serve the varied take-over offer document on the offeree, the Authority and the securities exchange within twenty-four hours of making the decision to vary the take-over offer, and simultaneously make a public announcement by press notice in at least two English language dailies of national circulation disclosing material variations to the offer.