Contributed By CHSH Cerha Hempel Spiegelfeld Hlawati
Parties to the takeover proceedings are under an obligation to co-operate with the Takeover Commission. The bidder, any party acting in concert and their advisers must provide comprehensive information as far as necessary for the Takeover Commission to fulfil its duties. All relevant documents (eg, share purchase agreements and shareholders' agreements) must be fully disclosed to the Takeover Commission. However, the bidder or the party obliged may only disclose extracts of certain documents if the bidder or the party obliged has an interest in ensuring that information is kept secret. There is no disclosure requirement vis-à-vis the recipients of the takeover offer.