Japan's Securities And Futures Commission: Takeovers Panel Rules On General Offer Obligation For The Cross-Harbour (Holdings) Limited

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:

1. This refers to the Executive Director of the SFC’s Corporate Finance Division or his delegate.
2. The decision can be found in the “Takeovers and Mergers Panel and Takeovers Appeal Committee decisions and statements” section of the SFC website.