ARTICLE · 09 APRIL 1996

Part 5 - Mergers & Acquisitions

Werksmans Attorneys

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South AfricaEmployment and HR

Acquisitions and takeovers of companies are subject to the provisions of the Companies Act of 1973, whether the company or persons making the takeover bid are foreign or domestic. That Act contains strict provisions governing offers of shares to the public, and disclosures to be made in such offers and in takeover procedures.

In addition, the Securities Regulation Panel regulates acquisitions and takeovers involving public companies and large private companies, essentially where there is a change of control (presently defined as 35%) or there are certain increases in holdings in any year. The Panel's Code and Regulations contain strict provisions governing disclosures in affected transactions.

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