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Re: Number sleven post# 308396

Thursday, 11/05/2020 9:13:55 PM

Thursday, November 05, 2020 9:13:55 PM

Post# of 426265
Is this what you are referring to under Secrecy

Secrecy
6. Are there any rules on maintaining secrecy until the bid is made?
It is a fundamental aspect of the Takeover Rules that absolute secrecy must be maintained until a bid is announced; this applies to both hostile and recommended bids. The Takeover Rules are very restrictive in terms of the extension of the "circle of knowledge" and Panel engagement is typically required earlier in the process than in, for example, the UK. If, following an approach to the target, there is rumour or speculation or an anomalous movement in the price of the target's shares, the bidder or target may be required by the Panel to issue a holding announcement that an offer is being considered or that talks are in progress. Unlike the UK, the Panel has not issued guidance on what constitutes an anomalous share price movement.


https://content.next.westlaw.com/5-502-0825?__lrTS=20201016193312322&transitionType=Default&contextData=(sc.Default)&firstPage=true
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