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TENDER OFFER RULES – TURKEY
On 2 September 2009, the Turkish Capital Markets Board (the “CMB”) promulgated a new set of rules on tender offers relating to public companies. The new tender offer rules replaced the earlier CMB regulation on the matter, and introduced important changes on mandatory offers, terms of offers, minimum offer value, payment of consideration, voluntary offers, rules, procedures and principles to be complied with, and so on.
This article summarises the CMB’s new tender offer rules of 2 September 2009 as published in the Tender Offer Communiqué No. IV/44 (the “Tender Offer Rules” or the “Communiqué”).
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