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  • Delisting in Relation to a Takeover Offer

    • TMA-3.4.24

      Upon completion of the acquisition of the remaining shares pursuant to a compulsory acquisition by the offeror or sell out right exercised by dissenting shareholders, the offeree company must apply to the CBB to delist from the licensed exchange.

      Added: January 2022

    • TMA-3.4.25

      In cases where the offeror and persons acting in concert do not receive acceptances of 90% or more of the offer shares of the offeree company, the CBB may approve an application to delist the offeree company after the offer subject to the following:

      (a) the offeree company convenes a general meeting to obtain shareholders approval on the delisting of the shares of the offeree company; and
      (b) the resolution to delist has been approved by at least 75% of the votes attaching to the disinterested shares that are cast either in person or by proxy at the meeting. The offeror and any persons acting in concert with the offeror must abstain from voting on the resolution.
      Added: January 2022