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Law on public offer – amendments pending

On 5th May 2015, the government considered the draft amendment to the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies.

The project envisages in particular the division of tender offer for shares into voluntary tender offer for shares (announced to at least 5 per cent. of the total number of votes) and the obligatory tender offer for shares, announced to all remaining shares in the capital of the public company in the case when exceed 33 1/3 per cent or 66 per cent shall be take place in the total number of votes in a public company. These levels will be a real limit to take control of a public company. Only the actual crossing one of these levels shall be cause the obligation of a tender offer for shares.

It was also considered is that possible to in the case of indirect acquisition of shares turn off the from certain disclosure requirements and certain obligations related to the tender offer for share.

The Act remains in legislative procedure.

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