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ARTICLE · 16 JUNE 2009

A New Communique For Tender Offers

Hergüner Bilgen Üçer Attorney Partnership
Hergüner Bilgen Üçer Attorney Partnership
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Hergüner Bilgen Üçer Attorney Partnership

Hergüner Bilgen Üçer Attorney Partnership

Since 1989, Hergüner Bilgen Üçer has been recrafting the Turkish law firm model along modern...

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On 10 April 2009, the Turkish Capital Markets Board (“CMB”) published a draft communiqué on the rules for mandatory and voluntary tender offers (“Draft” Communiqué”), an area currently regulated by the Communiqué on Principles Regarding Proxy Voting at Shareholders’ Meetings of Publicly Held Joint Stock Corporations, Proxy Solicitation and Tender Offers, Serial: IV, No: 8.

TurkeyCorporate/Commercial Law
Hergüner Bilgen Üçer
Hergüner Bilgen Üçer
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On 10 April 2009, the Turkish Capital Markets Board ("CMB") published a draft communiqué on the rules for mandatory and voluntary tender offers ("Draft" Communiqué"), an area currently regulated by the Communiqué on Principles Regarding Proxy Voting at Shareholders' Meetings of Publicly Held Joint Stock Corporations, Proxy Solicitation and Tender Offers, Serial: IV, No: 8.1

The Draft Communiqué is currently open for comments, and its enactment date is still unknown. Most of the general principles concerning tender offer rules set forth in European Union Directive No. 2004/25/EC on Takeover Bids have been adopted in the Draft Communiqué, since reflection of Directive 2004/25/EC's principles in Turkish legislation is among the items listed in the Turkish National Plan of 2009.

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