HONG KONG: Hong Kong Takeovers Amendments Take Effect

Friday March 23 2012

The Securities and Futures Commission (SFC) have announced that the following amendments to the Codes on Hong Kong Takeovers and Mergers and Share Repurchases (Codes) will take immediate effect:

– Property valuation requirements now only apply to offers when the offeror is an interested party.

– Regarding confirmations of independence of placees in placing and top-up transactions, it is the responsibility of the financial adviser, placing agent and acquirer of the voting rights to confirm the independence of placees.

– The prescribed period for payment of acceptance of an offer is no longer 10 days but seven business days.

Click on the above link for more details.