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ARTICLE · 09 MAY 2019

New Exemption To Mandatory Tender Offer Requirement

Esin Attorney Partnership
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The Capital Markets Board amended the Tender Offer Communiqué No. II-26.1 and the amendment entered into force immediately upon its publication in the Official Gazette No. 30643 dated January 2, 2019.

TurkeyCorporate/Commercial Law
Eren Kursun
Eren Kursun
Irmak Duman
Irmak Duman
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Recent Development

The Capital Markets Board (the "CMB") amended the Tender Offer Communiqué No. II-26.1 (the "Communiqué") and the amendment entered into force immediately upon its publication in the Official Gazette No. 30643 dated January 2, 2019.

What's New?

  • In principle, a person or persons acquiring the management control of a public company are required to make a tender offer to the remaining shareholders of the company unless the acquisition triggering the requirement falls under one of the exceptions (çağrı yükümlülüğünün doğmadığı haller) or the exemptions (muafiyet halleri).
  • Pursuant to the recent amendment, the relevant shareholder can be exempted from the requirement to launch a mandatory tender offer if the change of management control occurs as a result of the existing shareholders acquiring shares through a capital increase where the pre-emptive rights have not been restricted. However, as this is a ground for exemption and not

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