The DFSA Rulebook Takeover Rules Module (TKO) TKO/VER8/04-20

1. INTRODUCTION AND THE TAKEOVER PRINCIPLES 

1.1 The Takeover Rules 

1.1.1

The Rules in this Module (TKO) comprise the Takeover Rules referred to in the Markets Law 2012.

1.1.2

Unless the context otherwise provides, a reference to “Rules” in this Module is a reference to these Takeover Rules.

Guidance 

1. The Rules in this Module (TKO) are made in accordance with Article 8 of the Markets Law 2012.

2. The purpose of these Rules is set out in Article 51 of the Markets Law 2012, being to: 

a. ensure that a Takeover takes place in an efficient, competitive, fair and informed market; 

b. ensure that shareholders are treated fairly and shareholders of the same class are treated the same; and

c. provide an orderly framework within which a Takeover is conducted.

3. The Rules throughout this Module are based upon and should be read in conjunction with the Takeover Principles as prescribed in Section 1.5. 

4. The Rules are not concerned with the financial or commercial advantages or disadvantages of a Takeover. These are matters for the Bidders and Targets and their shareholders.

5. When there is any doubt whatsoever as...