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Article 20
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The phrase "conditions of the public tender offer have been achieved"in these Regulations means that the minimum acquisition quantity set by the public tender offeror was reached by the expiry of the public tender offer period. If the public tender offer involves any matter requiring the approval of, or effective registration with, any other competent authority, that approval must have been obtained or the registration must have become effective.
Within 2 days counting inclusively from the date on which any of the following occurs, the public tender offeror shall file with the FSC and make a public announcement of the fact, with a copy to its mandated institution:
- It has obtained approval or effective registration from another competent authority before the conditions of the public tender offer have been achieved.
- The conditions of the public tender offer have been achieved.
- The tender offer consideration has been transmitted to the segregated account for the public tender offer under the name of the mandated institution.
- After the conditions of the public tender offer have been achieved, the tendered quantity reaches the maximum quantity to be purchased.
If, on the expiration day of the public tender offer period, the conditions of the public tender offer have not been achieved, or the quantity tendered exceeds the quantity to be purchased, for the real estate investment trust beneficial securities which have been deposited but not transacted, the public tender offeror shall, on the next business day following the expiration of the public tender offer period, return to the original tenderers the real estate investment trust beneficial securities deposited by them.
After the conditions of the public tender offer have been achieved, if the public tender offeror does not complete the payment by the time for payment of the tender offer consideration prescribed in the public tender offer prospectus, the tenderer may, without issuing any notice of payment due, rescind the contract at its sole discretion. The mandated institution shall, on the following business day, return to the original tenderers the real estate investment trust beneficial securities deposited by them. However, if the time to return the real estate investment trust beneficial securities to the tenderer, as specified in the prospectus, is earlier than the time for payment of the tender offer consideration, the stipulations thereof shall govern.
When a tenderer applies to cancel its tender, it shall do so in writing.
After a public tender offeror has made the public announcement pursuant to paragraph 2, subparagraph 2, a tenderer may not cancel their tender, unless under any of the following circumstances:
- A circumstance under Article 7, paragraph 2.
- The public tender offeror, pursuant to paragraph 2 of the preceding article, makes a filing with the FSC and publicly announces an extension of the tender offer period.
- Other circumstances under which a tender may be canceled as provided by law.
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