The Takeovers and Mergers Panel (the Panel) has ruled that a general offer obligation under the Takeovers Code will arise if Mr Cheung Chung Kiu proceeds with the possible acquisition of a controlling shareholder interest in The Cross-Harbour (Holdings) Limited. The Panel also agreed with the Takeovers Executive (Note 1) that a waiver of such general offer obligation should not be granted.
The Takeovers Executive received an application for a ruling regarding the possible acquisition and referred the matter to the Panel as there were particularly novel, important or difficult points at issue. The Panel met on 7 December 2015 to consider the referral.
A copy of the Panel’s decision can be found on the SFC’s website at www.sfc.hk (Note 2).
Notes:
- This refers to the Executive Director of the SFC’s Corporate Finance Division or his delegate.
- The decision can be found in the “Takeovers and Mergers Panel and Takeovers Appeal Committee decisions and statements” section of the SFC website.