Securities Markets Order, 2013 · s 153

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153.
Requirements for tender offer statement
(1)
A person who intends to make a tender offer shall file a tender offer statement with the Authority in a form and within the time limit as determined by the Authority.
(2)
The Authority shall not permit any public announcements or offers to purchase to be made or securities accepted except as in accordance with any regulations made by the Authority.
(3)
A tender offer must remain open for at least 30 days from the date when the written tender offer statement is sent to the holders of securities or from the date when they are notified in such manner as determined by the
Authority.
(4)
A bidder must within 20 days -
(a} pay the consideration offered for redeemed securities to persons who accepted an offer upon termination of an offer; and
(b)
from the date of withdrawal of a tender offer by a bidder or declaration of an offer to be invalid due to non-fulfilment of terms determined by the Authority, return securities deposited in accordance with the terms of the offer.
(5)
Any person who has deposited securities pursuant to a tender offer has the right to withdraw the securities at any time during the offer period.
(6)
If a bidder makes a tender offer for less than all of the outstanding equity securities of a class, and if a greater number of securities are deposited than the person has agreed to purchase, the securities shall be purchased as nearly as possible on a pro rata basis, disregarding fractions, according to the number of securities deposited by each depositor during the offer period.

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s 153Requirements for tender offer statement

(1)

A person who intends to make a tender offer shall file a tender offer statement with the Authority in a form and within the time limit as determined by the Authority.

(2)

The Authority shall not permit any public announcements or offers to purchase to be made or securities accepted except as in accordance with any regulations made by the Authority.

(3)

A tender offer must remain open for at least 30 days from the date when the written tender offer statement is sent to the holders of securities or from the date when they are notified in such manner as determined by the

Authority.

(4)

A bidder must within 20 days -

(a} pay the consideration offered for redeemed securities to persons who accepted an offer upon termination of an offer; and

(b)

from the date of withdrawal of a tender offer by a bidder or declaration of an offer to be invalid due to non-fulfilment of terms determined by the Authority, return securities deposited in accordance with the terms of the offer.

(5)

Any person who has deposited securities pursuant to a tender offer has the right to withdraw the securities at any time during the offer period.

(6)

If a bidder makes a tender offer for less than all of the outstanding equity securities of a class, and if a greater number of securities are deposited than the person has agreed to purchase, the securities shall be purchased as nearly as possible on a pro rata basis, disregarding fractions, according to the number of securities deposited by each depositor during the offer period.