Articles: HKEx/SFC: Takeovers
Takeover Code
Amended
At 00:01 this morning,
the SFC released major amendments to the takeover code following the
market consultation earlier this year. The amendments are effective
immediately. Readers of Webb-site.com contributed to this process
by making a substantial number of submissions to the SFC, the vast
majority of which supported our views. And now the first results are out,
and they represent a victory for the public shareowner. (19-Oct-01)
Takeover Code
Consultation
This article contains the views of Webb-site.com on the SFC's review
of the Takeover Code and Share Repurchase Code. We've fought for several of the
proposals for a long time, and broadly welcome the paper. We also tell you where
the SFC has gone wrong, and finally focus on a solution to the poor quality of
so-called independent advice on takeovers and connected transactions. Read our
views, decide whether you agree, then SUBMIT YOUR VIEW to the SFC using our
special form. (6-May-01)
Webb appointed to
Takeover Panel
The Hong Kong Securities and Futures Commission has announced that
Webb-site.com Editor David Webb is among seven new members appointed to the
Takeovers and Mergers Panel and the Takeovers Appeal Committee. (6-Apr-01)
Hobson's Choice on
Privatisations
Webb-site.com highlights a growing trend for controlling shareholders to
threaten minority shareholders with the following choice: take our undervalued
offer, or risk having your shares delisted anyway, and losing the regulatory
protection and liquidity of the stock market. We call for a change in the
Listing Rules that make this possible, and we also deal with the obsolete
requirement for a 25% free float rather than just a minimum dollar value.
(14-Jan-01)
HK's Takeunder Code
Three
recent "takeunders" of Beauforte Investors, China Internet
Global Alliance and Tung Fong Hung have reminded investors how ineffective
Hong Kong's takeover code is. In each case, a buyer has been willing to
pay a substantial premium for a stake which, while under 35%, is clearly
enough to achieve control without making a general offer. Webb-site.com
urges the SFC to reduce the threshold for these "takeunder"
transactions. (18-Dec-00)
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