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Article 11
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Any person who individually or jointly with another person(s) intends to acquire within 50 days shares accounting for 20 percent or more of the total issued shares of a public company shall employ a public tender offer to do so.
Where the following conditions are met, the requirement to employ a public tender offer as set forth in the preceding paragraph shall not apply:
- Transfer of shares between affiliates mentioned in Article 3.
- Shares obtained under the Taiwan Stock Exchange Corporation Regulations Governing Auction of Listed Securities by Consignment.
- Shares obtained under the Taiwan Stock Exchange Corporation Rules Governing Purchase of Listed Securities by On-Market Tender Offer or under the Taipei Exchange Rules Governing Purchase of OTC Securities by On-market Tender Offer.
- Shares obtained under Article 22-2, Paragraph 1, Subparagraph 3 of the Act.
- Using an issue of new shares as the consideration for acquiring the shares of another public company in accordance with Article 156-3 of the Company Act.
- Implementing a share exchange under the Business Mergers and Acquisitions Act to obtain shares of another public company.
- Other conditions in conformity with FSC regulations.
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