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Article NO. Content


Securities and Exchange Act  CH

Amended Date: 2021.01.27 
Article 43-2 (Prohibition of Adverse Changes to Public Tender Offer Conditions)
    A public tender offeror shall adopt uniform purchase conditions in the public tender offer, and may not make any of the following modifications to the purchase conditions:
  1. Lower the public tender offer price.
  2. Lower the proposed number of securities to be purchased through the public tender offer.
  3. Shorten the public tender offer period.
  4. Other particulars as prescribed by the Competent Authority.
    A public tender offeror that violates the requirement of uniform purchase conditions set forth in the preceding paragraph shall be liable for damages to the tenderer up to the amount of the difference between the highest price paid under the public tender offer and the price paid to the tenderer, multiplied by the number of shares subscribed.