Responding to an offer
Key Message:
If you want to accept a general offer for your shares you should follow the steps that are set out in the offer document and attached forms including the acceptance form.
What should shareholders do in a takeover?
A shareholder should read the offer document and offeree circular carefully, including the advice from the independent financial adviser, before reaching a decision of whether or not to accept or reject an offer. A shareholder may also wish to consult his financial adviser.
If you are a registered shareholder and want to accept the offer, you must complete the acceptance form (together with any other relevant forms attached to the offer document) and return it, together with your share certificates, to the share registrar within the specified period. Details of the steps you should take are in the offer document and the acceptance form, and in some cases, other forms (which are sent to shareholders together with the offer document).
If you are a non-registered shareholder, i.e. your shares are kept in custody by your brokerage or bank (intermediary), you should advise your intermediary if you want to accept the offer.
The offer document will include a timetable giving the latest time for shareholders to send in their acceptance. Shareholders are advised to consider this carefully.
When will payment be made?
The bidder won't take up shares until the offer becomes unconditional. Shares taken up must be paid for within seven business days of the later of when the offer becomes unconditional or when the acceptance form is received.
If the offer is unconditional from the beginning, the offeror must pay the accepting shareholders within seven business days of receiving valid acceptance.
If the offer lapses, the shares received during the offer should be returned to shareholders within 10 days from the date the offer lapses.
