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ARTICLE · 07 MAY 2014

New Tender Offer Rules Introduced By CMB

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

Hergüner Bilgen Üçer Attorney Partnership

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The Capital Markets Board issued a new set of rules (Tender Offer Communiqué II-26.1) to govern tender offers targeting shares in Turkish public companies.

TurkeyCorporate/Commercial Law
Hergüner Bilgen Üçer
Hergüner Bilgen Üçer
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The Capital Markets Board ("CMB") issued a new set of rules (Tender Offer Communiqué II-26.1) to govern tender offers targeting shares in Turkish public companies ("New Rules"). The New Rules became effective as of 23 January 2014 and have replaced the CMB Communiqué on Principles Governing Acquisition of Shares Through Tender Offers, numbered Serial: IV/44 and dated 2 September 2009.

The New Rules do not result in a complete overhaul of the regime governing tender offers, yet are introduced by the CMB as an effort to harmonize this area of capital markets regulation with the relevant provisions of Capital Markets Law numbered 6362 that entered into effect on 30 December 2012, and to address certain issues that the CMB encountered throughout the lifetime of the former Communiqué.

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