The Securities and Futures Commission (SFC) today released consultation conclusions on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs (Codes). The amended Codes, gazetted today, will apply with immediate effect.
Respondents were generally supportive of the proposals, the majority of which were adopted with some modifications taking into account the responses received during the consultation process. Measures introduced to enhance investor protection included empowering the Takeovers Panel to require compensation be paid to shareholders who have suffered as a result of a breach of the Codes as well as increasing the threshold for independent shareholder approval of a whitewash waiver to 75%.