Securities Markets Order, 2013 · s 154

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

154.
Prohibited activity during tender offer
(1)
During a tender offer period, the bidder and persons acting with the bidder shall not -
(a} directly or indirectly, purchase or make any arrangement to purchase any securities of the issuer that is subject to the tender offer (or any security which is immediately convertible into or exchangeable for that security) outside of the tender offer; and fbi shall not sell any securities of that issuer.
1350

(2}
At any time an issuer has been informed of a pending tender offer for any of its securities or has reason to believe that an offer is pending, it must not take any action identified by the Authority's regulations. The Authority may make regulations to specify particular actions that are not permitted during or in connection with a tender offer.
(3}
Any tender offer shall be open to all holders of securities of the class of securities subject to the tender offer. All holders of securities of the same class of an issuer must be given similar treatment by the bidder. The consideration paid to any holder of securities pursuant to the tender offer must be the same paid to any other holder of securities under the tender offer.
(4)
Within the period of validity of the tender offer, a bidder or persons acting with it may not make any arrangements or enter into agreements-
(a} with holders of securities or separate groups of holders of securities;
(b)
to deal in securities of the issuer;
(c)
if there are favourable conditions attached which are not being extended to all holders of securities.
(5)
During a tender offer period or when a tender offer is in contemplation, neither a bidder nor an issuer whose securities are the subject of a tender offer nor any of their respective advisers may furnish information to some holders of securities that is not made available to all holders of securities, except that information may be furnished in confidence by an issuer to a bona fide potential bidder, but the potential bidder thereby becomes an insider with respect to the issuer and subject to the penalty imposed by section 129.
(6)
Any information provided by an issuer to one bidder is subject to immediate disclosure in the same form to other potential bidders.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 154Prohibited activity during tender offer

(1)

During a tender offer period, the bidder and persons acting with the bidder shall not -

(a} directly or indirectly, purchase or make any arrangement to purchase any securities of the issuer that is subject to the tender offer (or any security which is immediately convertible into or exchangeable for that security) outside of the tender offer; and fbi shall not sell any securities of that issuer.

1350

(2}

At any time an issuer has been informed of a pending tender offer for any of its securities or has reason to believe that an offer is pending, it must not take any action identified by the Authority's regulations. The Authority may make regulations to specify particular actions that are not permitted during or in connection with a tender offer.

(3}

Any tender offer shall be open to all holders of securities of the class of securities subject to the tender offer. All holders of securities of the same class of an issuer must be given similar treatment by the bidder. The consideration paid to any holder of securities pursuant to the tender offer must be the same paid to any other holder of securities under the tender offer.

(4)

Within the period of validity of the tender offer, a bidder or persons acting with it may not make any arrangements or enter into agreements-

(a} with holders of securities or separate groups of holders of securities;

(b)

to deal in securities of the issuer;

(c)

if there are favourable conditions attached which are not being extended to all holders of securities.

(5)

During a tender offer period or when a tender offer is in contemplation, neither a bidder nor an issuer whose securities are the subject of a tender offer nor any of their respective advisers may furnish information to some holders of securities that is not made available to all holders of securities, except that information may be furnished in confidence by an issuer to a bona fide potential bidder, but the potential bidder thereby becomes an insider with respect to the issuer and subject to the penalty imposed by section 129.

(6)

Any information provided by an issuer to one bidder is subject to immediate disclosure in the same form to other potential bidders.