In the next series of blogs, we will provide a sample timetable for a friendly take-over bid, a hostile take-over bid and a plan of arrangement. While each transaction is different, the sample timetables are useful to provide an indication of the basic timing requirements for each type of transaction.
See Chinese version below [中文版参阅下文]
| Time | Event |
| Day X | Sign support agreement following board approvals by bidder and target company |
| Day X + 10 | Take-over bid circular and directors' circular mailed to target company shareholders |
| Day X + 45 | Closing of 35-day bid period during which target company shareholders tender to the bid |
| Day X + 55 | Closing of mandatory minimum 10-day extension period |
| Issue press release announcing completion of the bid | |
| Day X + 58 | Bidder commences paying for tendered securities |
| Day X + 60 | If 90% tender has been achieved, bidder completes compulsory acquisition process to acquire 100% ownership of target |
| Day X + 90 | If less than 90% tender but at least 66 ⅔% tender has been achieved, bidder completes amalgamation squeeze-out process to acquire 100% ownership of target |
As mentioned in our last blog post, a take-over bid must be left open for at least 105 days unless the board of the target agrees to shorten the period to no less than 35 days. The sample timetable assumes that the board of the target had waived the 105 day tender period.
在以下几篇博客中，我们将列出针对善意收购、恶意收购以及安排计划三种不同交易的时间表示例。虽然每项交易不同，这些时间表示例有助于指示每种交易类型的基本时间要求。
|
时间 |
事项内容 |
|
第X天 |
经收购方和目标公司董事会批准，签署支持协议 发布公告披露拟议交易，包括将要约期限减少至35天 |
|
第X天 + 10 |
将要约收购通告及管理委任通告邮寄给目标公司股东 |
|
第X天 + 45 |
目标公司股东们接受要约收购的35天的要约期结束 |
|
第X天 + 55 |
最低10天的强制性延长期结束 |
|
|
发布公告披露完成要约收购 |
|
第X天 + 58 |
要约收购方开始支付收购的股份 |
|
第X天 + 60 |
如果要约收购的股票达到90％，收购方完成强制收购程序，从而得到目标公司100％的所有权 |
|
第X天 + 90 |
如果要约收购的股票低于90％但大于66⅔％，收购方完成"挤出"式合并程序，从而得到目标公司100%的所有权 |
我们上一篇博客提到，除非目标公司董事会同意将要约期限缩短至不少于35天，否则要约收购必须至少开放105天。以上时间表假设目标公司董事会同意将要约期限缩短至不少于35天。
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
