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

The Securities Regulation Code on Takeovers and Mergers

The Code

Section N. Restrictions following Offers

Rule 32
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32.1)Delay of 12 months before subsequent offer

 

Except with the consent of the Panel, where an offer has been announced or posted but has not become or been declared unconditional and has been withdrawn or has lapsed, neither the offeror, nor any person who acted in concert with the offeror in the course of the original offer, nor any person who is subsequently acting in concert with any of them, may within 12 months from the date on which such offer is withdrawn or lapses either-

a)make an offer for the relevant securities of the offeree company; or
b)acquire any securities of the offeree company if the offeror or any such person would thereby become obliged under Rule 8 to make an offer.

 

32.2)Partial offers

 

The restrictions in Rule 32.1 also apply following a partial offer which could result in a holding of not less than the specified percentage and not more than 50% of the voting rights of the offeree company whether or not the offer has become or been declared unconditional. When such an offer has become or been declared unconditional, the period of 12 months runs from that date.