INVESTMENTS AND SECURITIES ACT

Section 142: Bid for all shares.

2007Section 142 of 316Federal Republic of Nigeria

Where a bid under a take-over bid is for all the shares of a class in an offeree company:(a) shares deposited pursuant to the bid, if not taken up by the offeror, may be withdrawn by or on behalf of a shareholder in the offeree company at any time after sixty days following the date of the take-over bid;
(b) the offeror shall not take up shares deposited pursuant to the bid until ten days after the date of the take-over bid; and
(c) the offeror, if he so intends, shall state in the bid that he intends to invoke the right under section 143 of this Act to acquire the shares of shareholders of the offeree company who do not accept the bid and that the shareholder is entitled to dissent and to demand the fair value of his shares.

Cite this section

Section 142, INVESTMENTS AND SECURITIES ACT (2007).

https://repo.podus.ai/laws/investments-and-securities-act/section/142/