Companies Act, 1973 (Act No. 61 of 1973)

The Securities Regulation Code on Takeovers and Mergers

The Code

Section D. The Approach, Announcements and Independent Advice

Rule 1. The Approach
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a)The offer when made shall be put forward to the board of the offeree company or to its authorised advisers.
b)If the offer, or an approach with a view to an offer being made, is not made by the ultimate offeror or potential offeror, the identity of that person shall be disclosed when the offer is put forward to the board of the offeree company or to its authorised advisers.
c)A board so approached is entitled to be satisfied on reasonable grounds that the offeror is, or will be, in a position to implement the offer in full.