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views sought on Takeovers and Mergers Code
The Securities and Exchange Commission is seeking the views of the
public on the Takeovers and Mergers Code, which is being reviewed
by a committee appointed by the SEC.
Public views
on the Code, which can be seen on the SEC website www.sec.gov.lk,
should be sent to the Secretariat before October 12.
The SEC is
seeking public opinion particularly on the following:
- The mandatory requirement of having to make an offer in terms
of Rule 31 of the code
- The requirement of having to make an offer to accept all the
shares from the remaining shareholders in terms of Rule 31
- The scope of the independent advice provided for in Rule 12
- The absence of provisions in the Code in relation to company
mergers
- The adequacy of requirements relating to disclosures
- The liability of indirect holders of the offerer
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