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Article 38
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The corporate resolution to initiate the public tender offer and the opinion on its reasonableness:
- If the public tender offeror is a natural person, the prospectus shall include the written opinion by its independent expert on the reasonableness of the cash price for the present public tender offer.
- If the public tender offeror is a company, the prospectus shall include the minutes of the shareholders meeting or directors meeting where it was resolved to initiate the tender offer, and the written opinion by an independent expert on the reasonableness of the cash price for the present public tender offer.
The opinion on the reasonableness in the preceding paragraph shall disclose at least the following information:
- The method, principles, or calculations adopted for determination of the public tender offer price.
- If a price appraisal report of a professional appraiser is taken into account in the public tender offer price, the content and conclusion of the appraisal report shall be specified.
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