"Finance Law Alert" publication.

Finance Law Alert
CMB Plans to Amend Tender
Offer Regulations
Capital Markets Board of Turkey (“CMB”) has made a public announcement on
December 19, 2014 related to the Draft Communiqué amending the Communiqué on
Tender Offer (II-26.1) for the purpose of clarifying the uncertainties in practice. By
the Draft Communiqué mainly the following amendments are anticipated;
• Scope of the occasions that do not trigger tender offer obligation are extended by
evaluating the situations that may cause a change in management control of the
company. In this respect, in case of mergers and share transfers made within the
frame of a written contract are regarded as the occasions that do not trigger tender
offer obligation under certain conditions.
• Thus, the un-clarities in relation to the mandatory tender offer encountered in
practice are enlightened. Furthermore, the beginning time of actual tender offer
procedure and the price of the mandatory tender offer are clarified; and certain
amendments with respect to the scope and price of the voluntary tender offer are
brought by the Draft Communiqué.
www.gsghukuk.com
Our Finance Law Team
Umurcan Gago
Gündüz Şimşek Gago Attorneys at Law
Partner
T: +90 (212) 326 6472
[email protected]
Bekir Emre Haykır
Gündüz Şimşek Gago Attorneys at Law
Senior Manager
T: +90 (212) 326 6813
[email protected]
Pınar Karamahmutoğlu
Gündüz Şimşek Gago Attorneys at Law
Senior Attorney
T: +90 (212) 326 6868
[email protected]
Filiz Piyal
Gündüz Şimşek Gago Attorneys at Law
Senior Attorney
T: +90 (212) 326 6868
[email protected]
2