CmaBylaw
Executive Bylaws
3-8-3 Of Module Nine: Mergers and Acquisitions
Section: Chapter Three: Acquisitions
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Thursday, 09 February 2017
In the event that an Offeror Company wishes to submit a Non-Cash Voluntary Acquisition Offer that consists solely of Shares to be issued in its capital to the shareholders of the offeree company, then the Offeror company shall submit an undertaking to its shareholders whose ownership along with any Subsidiary and person with whom they are Acting in Concert with it reaches 20% of the total outstanding Shares Issued by such company not to sell their shares in the Offeror company for not less than twelve months commencing from date of execution of the Acquisition Offer.
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