ADVOKS GLOBAL · KENYA
The Capital Markets (Take-Overs and Mergers) Regulations
19. Pro-rata acceptances
Edition: 2022-12-31 · In force
19. Pro-rata acceptances
(1)Where an offeror receives acceptance by the offeree shareholders in excess of the total number of shares to which the take-over offer relates, the offeror shall undertake pro-rata acceptance.(2)For the purposes of this regulation, "pro-rata acceptance" means an allocation of acceptance by the offeror in the proportion of the total number of shares accepted by each offeree shareholder in relation to the percentage upon which the offer was conditional.