In this blog, we will provide a sample timetable for a hostile take-over bid. 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 | Take-over bid circular mailed to target
company shareholders Issue press release announcing the proposed transaction |
| Day X + 15 | Directors' circular mailed to target company shareholders |
| Day X + 105 | Closing of 105-day bid period during which target company shareholders tender to the bid |
| Day X + 115 | Closing of mandatory minimum 10-day extension period |
| Day X + 115 | Issue press release announcing completion of the bid |
| Day X + 117 | Bidder commences paying for tendered securities |
| Day X + 119 | If 90% tender has been achieved, bidder completes compulsory acquisition process to acquire 100% ownership of target |
| Day X + 150 | 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 |
在这篇博客中，我们将列出针对恶意收购交易的时间表示例。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 |
要约收购通告要邮寄给目标公司股东 通过新闻发布披露所提出的交易 |
|
第X天 + 15 |
董事通告要邮寄给目标公司股东 |
|
第X天 + 105 |
目标公司股东收购的期限为105结束 |
|
第X天 + 115 |
终止强制性最低10天的延长期限 |
|
第X天 + 115 |
通过新闻发布交易的完成 |
|
第X天 + 117 |
要约收购方开始支付收购的股份 |
|
第X天 + 119 |
如果要约收购的股票达到90％，收购方则强制完成收购过程，以获得100％目标公司的所有权。 |
|
第X天 + 150 |
如果要约收购的股票低于90％但大于66⅔％，收购方需要获得目标公司100％的股票所有权，方可完成合并 |
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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.
