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

For example, under the § 59 of WpÜG in German Law, if the acquirer (and persons acting concert with him) does not fulfill mandatory bid requirements, it is forbidden to use the rights that emanating from the acquisition. In this situation, bidder and persons acting together with him can not use these rights until fulfillment of mandatory bid requirements. Same provisions have been accepted in Switzerland by the Capital Market Law. There have been accepted restriction of voting rights that emanating from the acquisition, in addition to the administrative pecuniary punishment by the article 32/VII of the Capital Market Law(104).…

The Communiqué does not include such a provision. But in August 2005, CMB has prepared…