ADVOKS GLOBAL · KENYA
The Capital Markets (Take-Overs and Mergers) Regulations
17. Withdrawal of take-over offer
Edition: 2022-12-31 · In force
17. Withdrawal of take-over offer
(1)An offeror shall not withdraw a take-over offer without the prior written approval of the Authority.(2)Where a take-over offer has been withdrawn the offeror and all related companies or all persons acting in concert or associated with the offeror shall not within twelve months from the date on which the take-over offer was withdrawn —(a)make a take-over offer for the voting shares that had been the subject of the take-over offer that has been withdrawn; or(b)acquire any additional voting shares of the offeree other than as provided under regulation 3.(3)The offeror and all related companies or persons acting in concert or associated with the offeror shall furnish the Authority with details of any acquisition by the offeror and related companies or persons acting in concert or associated with the offeror of any share of the offeree including any option to acquire any share in the offeree each month for a period of twelve months from the date on which the take-over offer was withdrawn.(4)Withdrawal of a take-over offer may occur where-(a)the offeree shareholders have rejected the take-over offer;(b)the offeror has not obtained an approval under the Restrictive Trade Practices, Monopolies and Price Control Act (Cap. 504) or any other regulatory approval as may be required;(c)events, satisfactory to the Authority occur, rendering either the offeror or offeree or both incapable of fulfilling their obligations under the take-over offer; or(d)a counter offer is accepted by the offeror.