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New rules issued on public takeovers

In Vietnam Economy on March 11, 2010 at 5:02 am

New rules issued on public takeovers

QĐND – Wednesday, March 10, 2010, 21:30 (GMT+7)

Public acquisition activities between domestic listed companies is booming, forcing market regulators to issue new rules on public takeovers.

The latest instruction, issued by the State Securities Commission early March, requires listed firms to implement bids through a negotiation system at stock exchanges, while unlisted firms will have to execute takeovers through the Vietnam Securities Depository Centre.

Under the new rules, bid participants must also meet minimum tax and bidding fees.

Public takeovers are commonplace in the global market although locally they have only started to appear since the bid between Hung Vuong and An Giang Fisheries Import-Export Co last year.

An official from the State Securities Commission was quoted as saying that the instruction on public acquisition bids is part of the regulators’ attempt to give more power to domestic enterprises for M&A activities.” The official added that the instruction would help ensure shareholders’ benefit from transparent bid implementation.

Source: VNA

Source: QDND