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Manoj Kumar, Assistant Vice President, Corporate Professionals
"As a basic principle, in takeover laws,
acquirer should always be considered with PACs with him and the prescribed
thresholds should be based on collective holding of Acquirer and PAC. But this
new Sub-regulation makes threshold in more...
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Ruchi Hans of Corporate Professionals
“The prior holding criteria and the limits on market purchases will thwart hostile acquisition attempts and prevent people without substantial stakes from creating pressure on or threatening the promoters.”
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Amarchand Mangaldas
“Given that the C Achuthan-led Takeover Regulations Advisory Committee did not frown upon or otherwise make recommendations against hostile acquisitions in its report, the manner in which the 2011 Takeover Regulations have been drafted more...
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Akila Agrawal, partner, Amarchand Mangaldas
“The provisions on voluntary offers are ambiguous. Two views are possible. One view is that voluntary offers with a minimum offer size of 10 per cent can be made only by persons who already hold at least 25 per cent stake. The corollar more...
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Abhijit Joshi, senior partner and CEO, AZB & Partners
“Open offer for 26
per cent will make the deal more expensive as from the current position it is an
upward march of six per cent. If due to this, a larger offer exceeds 75 per cent
then the implication of down scaling also need to b more...
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Simone Reis, senior associate at Nishith Desai Associates.
“Although the
Takeover Code 1997 is repealed from the date the New Regulations come into
force, Regulation 35 thereof clarifies any open offer for which a public
announcement has been made under the repealed regulations shall be
re more...
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Sandeep Parekh, former ED at Sebi and founder of Finsec Law Advisors,
“The takeover
code report has been in the public domain for nearly a year now and that time
was enough for corporates to understand and structure their stake holding
accordingly. Also, there are no changes in the takeover code from more...
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Avinash Gupta, head of financial advisory at Deloitte India
“Holding 25
per cent stake in a listed company will bring more power to the PE investors.
While the PE investors will be next to promoters as far as stakeholding is
concerned, they can bargain for more representation in the company, more...
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U.K. Sinha
“In the absence of acquisition finance in our country, it was felt that (100 per
cent offer size) would give outside acquirers an advantage, While it was desirable, the decision was likely to have
helped only one set of entities,”
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Satyen Shah, Head, Equity Capital Markets of Edelweiss Capital
"welcome step as it would have made acquisitions too expensive, especially for Indian promoters who do not have access to bank funds for acquisitions".
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