How differently does legislation treat hostile and voluntary takeover bids?
Hostile bids are not prohibited or regulated by the law. Voluntary bids are regulated in a similar way to mandatory takeover bids, but the strict pricing rules do not apply. What penalties are imposed on parties that violate takeover regulations (or equivalent)? The person who gains controlling interest in a target company with listed securities must launch a takeover bid within 60 days from the day after the person gains or exceeds such a level of interest. If the person launches the takeover bid contrary to law or does not launch the bid at all, the Securities Commission is allowed to suspend the execution of corresponding voting rights in the target company and/or impose a fine up to Kc100 million. Minority shareholders may also apply for the conclusion of a share purchase agreement for an equitable price. If the proposal is not accepted within 15 days, the minority shareholder is allowed to claim the conclusion of such an agreement by the court or sue for damages. What are the thre
