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Mandatory Tender Offers Under The Communique Serial IV, No: 8 By Capital Markets Board Of Turkey

Chapters

I.PRELIMINARY REMARKS

s. 407

II.RATIONALES FOR MANDATORY TENDER OFFERS

s. 414

1.Allocation of Control Premiums Among All Shareholders

s. 414

2.Protection of the Minority Shareholders

s. 416

3.Significant Structural Changes in Corporate Control

s. 418

III.THE NATURE OF THE PROVISIONS CONCERNING MANDATORY TENDER OFFERS

s. 419

1.Exemption from the Art. 405/1 of the Turkish Commercial Code

s. 419

2.Exemption from the Freedom of Contract

s. 420

3.Strict Interpretation of Mandatory Tender Offer Rules

s. 422

IV.ACQUISITION OF SHARES THAT TRIGGERS MANDATORY BID

s. 422

1.Acquisition of 25 % or More of the Capital and the Voting Rights of a Corporation or Without Being Subject to This Percentage Acquisition of Shares Controlling the Management of the Corporation

s. 422

A- Acquisition of 25 % or More of the Capital and the Voting Rights of a Publicly Held Corporation

s. 422

B- Acquisitions of Shares That Grants Management Control of the Publicly Held Corporation

s. 427

2.Increment of the 25 % to 50 % of the Capital and Voting Rights of a Corporation by 10 % or More Within Any Twelve-Month Period

s. 427

3.Exceeding the Control Thresholds Specified in the Communiqué

s. 429

4.The Bidder of the Mandatory Tender Offer

s. 430

5.Price to Be Paid For Shares in Mandatory Tender Offers

s. 433

V.MANDATORY BID EXEMPTIONS

s. 433

1.Acquisition of Shares and Voting Rights of the Corporation in Accordance With a Shift in Capital or Management Structure That is Necessary For the Strengthening of the Financial Structure of the Corporation

s. 433

2.Approval of the Acquisition Shares and Voting Rights of the Corporation at the Shareholders’ Meeting of the Corporation in Accordance With the Quorum Mentioned in the First Sentence of Paragraph Two in Article 388 of TCC

s. 434

3.When the Acquisition of the Shares and Voting Rights of a Corporation Would Not Cause Any Change in the Control of Management Due to the Capital Distribution of the Corporation

s. 435

4.If the Acquisition of the Shares and Voting Rights is a Result of a Legal Requirement or if the Thresholds are Exceeded Unintentionally Then the Capital Markets Board May Grant an Exemption Provided That the Purchaser Undertakes to Sell Such Portion of Shares Necessitating the Tender Offer

s. 439

5.Granting Exemption in Accordance With Aims of Privatization Process

s. 439

VI.VIOLATION OF OBLIGATION ON MAKING MANDATORY OFFER

s. 440

1.Administrative Pecuniary Punishments

s. 441

2.Claims Based on the Article 101 et seq. of Obligations Act

s. 441

3.Suspending the Voting Rights Emanating From Acquired Shares

s. 442