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Hong Kong Law

September 2005

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Charltons - Hong Kong Law Newsletter - Issue 26 - 07 September 2005

Codes on Takeovers, Mergers and Share Repurchases Hong Kong 2005 Amendments SFC

Takeovers Code Hong Kong Class 2 Presumption Definition Of "Acting In Concert” Directors

"Low-Ball" Or "One Cent" Offers Frustrate Target's Business Rule 4 No Genuine Intention to Seek ControlHong Kong

Consultation Conclusions on the changes to the Hong Kong Codes on Takeovers, Mergers and Share Repurchases

Rule 32.1 Of The Takeovers Code And Rule 6 Of The Share Repurchases Code Hong Kong

Voluntary Offers Price at a Discount of Over 50% Market Price Note to Definition of Offer Hong Kong

Incumbent Board Frustrate the Exercise of Board Control by a Successful Offeror

Takeovers Code Rule 31.5 Offeror Requisitions General Meeting Rule 4 Frustrating Actions

Pre-Vetting Process Commenting Process SFC Compliance is the Responsibility of Issuer, Directors and Advisers

Whitewash waivers for general offer obligations triggered by on-market share repurchases

Takeovers Code Rule 16.5 Competitive Situation Late Stages of an Offer Period Executive Require Revised Offers Auction Procedure Competing Offer
Telecommunications Mergers Note 3 to Rule 15.5
Change of Carrier Licensee in the Hong Kong Telecommunications Market Telecommunications Authority Investigation Adverse Effect on Competition
Extension of "Day 39" Final Decision of the Telecommunications Authority
No acquisition of Voting Rights General Offer Obligation "Change" of Carrier Licence