Takeovers Act 1993

Takeovers code

21: Matters to be considered by Minister in making recommendations concerning takeovers code

You could also call this:

"What the Minister thinks about when making takeover rules"

Illustration for Takeovers Act 1993

When the Minister makes recommendations about the takeovers code, they must think about some important things. The Minister must consider if the code should say that people must be told in advance about takeovers. The Minister must also think about if the code should make sure the company and its financial product holders have all the information they need during a takeover. The Minister has to consider if the code should say that all financial product holders should get the same offer and have the same chance to accept it. The Minister must think about if the code should allow people to buy more financial products bit by bit. They must also consider if there should be rules about how much people should pay for financial products during a takeover. The Minister has to think about if the code should say that people can be forced to sell their financial products if someone wants to buy them. The Minister must consider if the code should have rules about what companies can do to stop takeovers from happening.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM325859.

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20: Objectives of takeovers code, or

"What the takeover rules aim to achieve"


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22: Specific provisions applying to takeovers code, or

"Rules for Takeovers in New Zealand"

Part 2Takeovers code

21Matters to be considered by Minister in making recommendations concerning takeovers code

  1. Without limiting the matters that the Minister may consider, the Minister must, in formulating recommendations concerning a takeovers code, consider whether the code should provide—

  2. that advance notice and publicity should be given of takeovers:
    1. that in a takeover, the code company and its financial product holders should be fully informed:
      1. that in a takeover, offers should be made to all financial product holders, that the consideration offered should be the same for all financial product holders, and that all financial product holders should have the same opportunity for acceptance:
        1. that incremental acquisitions and partial bids should be permitted:
          1. that there should be rules to determine the price or prices payable for the acquisition of financial products in a takeover:
            1. for the compulsory acquisition of financial products in a code company at the option of offerors or financial product holders, or both:
              1. for the regulation of defensive tactics.
                Notes
                • Section 21 heading: amended, on , by section 18(1) of the Takeovers Amendment Act 2002 (2002 No 45).
                • Section 21: amended, on , by section 18(2) of the Takeovers Amendment Act 2002 (2002 No 45).
                • Section 21(b): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                • Section 21(b): amended, on , by section 10 of the Takeovers Amendment Act 2010 (2010 No 88).
                • Section 21(c): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                • Section 21(e): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                • Section 21(f): amended, on , by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).
                • Section 21(f): amended, on , by section 10 of the Takeovers Amendment Act 2010 (2010 No 88).