The Securities and Futures Commission (SFC), Hong Kong capital market regulator announced
that the following amendments (Note 1) to the Codes on Takeovers and
Mergers and Share Repurchases (Codes) will take immediate effect:
- Property valuation requirements now only apply to offers when the offeror is an interested party (Note 2).
- Regarding confirmations of independence of placees in placing and top-up transactions, it is the responsibility of the financial adviser, placing agent and acquirer of the voting rights to confirm the independence of placees.
- The prescribed period for payment of acceptance of an offer is no longer 10 days but seven business days.
The SFC launched a public consultation on the proposed amendments in August 2011 (Note 3) and 18 written submissions were received during the consultation period. The conclusions paper was released on 23rd March.
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