Section 134: Authority to proceed with take-over bid.

(1) Subject to subsection (8) of this section, no person or two or more persons jointly or in concert, shall make a take-over bid unless an authority to proceed with the take-over bid has been granted under this section and is in force at the date of the take-over bid.
(2) An application for an authority to proceed with a takeover bid shall:
(a) be made to the Commission by or on behalf of the person or persons proposing to make the bid;
(b) give the name and other particulars of that person or those persons; and
(c) give particulars of the proposed bid and contain such information and be accompanied by documents or reports of such a kind as may be prescribed by regulations.
(3) The Commission may require the person or persons making an application to furnish it with such further information as it reasonably considers necessary to enable it make a decision on the application and that person or those persons shall, if it is in their power to do so, give the information to the Commission.
(4) The Commission may consult with such persons as it deems necessary in order to make a decision on an application.
(5) Except as may be necessary for the purpose of any consultation pursuant to subsection (4) of this section, the Commission shall keep confidential the contents of an application, any document or report accompanying an application and any information given pursuant to subsection (3) of this section.
(6) For the purpose of deciding whether or not to grant an authority to proceed with a takeover bid, the Commission shall have regard only to the likely effect of the take-over bid if successfully made:
(a) on the economy of Nigeria ; and
(b) on any policy of the Federal Government with respect to manpower and development, and if the Commission is satisfied that none of the matters referred to in paragraphs (a) and (b) of this subsection would be adversely affected, it shall grant an authority to proceed with the proposed take-over bid, but if not so satisfied it shall refuse to do so.
(7) An authority to proceed with a proposed take-over bid shall be:
(a) in writing signed by or on behalf of the Commission;
(b) dated and give sufficient particulars of the proposed take-over bid to enable it to be identified.
(8) An authority to proceed with a take-over bid shall remain in force:
(a) for the period of three months following the date of authority; or
(b) for such longer period as the Commission may, on application made to it before the expiration of the period referred to in paragraph (a) of this subsection, allow.