Regulation 25 - Obligations of the acquirer

Firm financial arrangements: acquirers must secure funding, ensure truthful disclosures and avoid alienating target assets for two years.

Acquirers must have firm financial arrangements before making a public announcement for an open offer to ensure payment obligations can be met, subject to statutory approvals. If control is acquired without prior disclosure of an intention to alienate material assets, the acquirer is barred from causing such alienation outside ordinary business for two years after the offer period unless shareholders pass a postal ballot special resolution disclosing reasons. Acquirers and persons acting in concert must ensure all offer related disclosures are true, fair, adequate and not misleading, and refrain from selling target shares during the offer period.