n Journal for Juridical Science - Mandatory takeover offer - too high a price for the economy to pay?




<b>Die vereiste bepalings ten opsigte van oornames - kan die ekonomie dit bekostig?</b> <br>Die artikel handel oor die vereiste bepalings ten opsigte van oornames van die Sekuriteitereguleringskode vir Oornames en Samesmeltings ('die Kode'). Die Kode spruit voort uit die Engelse <I>City Code on Takeovers and Mergers&lt;/I&gt; asook uit die beginsel van beskerming van minderheidsaandeelhouers tydens oornames en samesmeltings, soos in die Amerikaanse regspraak vervat. Die toepassing van die Kode deur die howe word ook in die artikel bespreek. Hedendaagse vertolking van Maatskappyereg, bepalings ten opsigte van oornames en samesmeltings word in diepte bespreek. Die artikel sluit af deur die herroeping van die Kode voor te stel. Die Kode word beskryf as lomp wetgewing; die vertolking daarvan 'n kopseer vir die howe en dat dit die Suid- Afrikaanse ekonomie skade berokken.

In this article the mandatory takeover provisions of the Securities Regulation Code n Takeovers and Mergers ('the Code') are discussed. The origins of the Code are traced to the English <I>City Code on Takeovers and Mergers&lt;/I&gt; and the concept of affording protection to minority shareholders in such circumstances as contained in American case law. The application of the Code by the courts is also discussed. Modern theories on company law relating to mergers are traced and analysed. Ultimately the article argues for the repeal of the Code on the grounds that it is an unsatisfactory piece of legislation that has given some difficulty to courts in its interpretation and which is too costly to the South African economy.


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