Chapter 5: Fundamental Transactions and Takeover Regulations
Part A: Interpretation and application

R85: Change in control

  • (1) If a change in control takes place in a pyramid or intermediate pyramid, the offeror must make an offer or offers to-
    • (a) holders of securities of the pyramid or intermediate pyramid, if any is a regulated company; and
      • (b) holders of securities of the controlled company, excluding securities held by the pyramid or intermediate pyramid.
      • (2) The principles governing mandatory offers and comparable offers apply to offers required by this regulation.

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