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Section 619 of The Companies Act No. 17 of 2015: When takeover offers are made by two or more persons jointly

    

(1) If a takeover offer is made by two or more persons jointly, the conditions for the exercise of the rights conferred by section 611 are satisfied—
(a) in the case of an acquisition of shares made as a result of acceptances of the offer—by the joint offerors acquiring, or unconditionally contracting to acquire, the shares jointly; and
(b) in any other case—by the joint offerors acquiring or unconditionally contracting to acquire the shares either jointly or separately.
(2) The conditions for the exercise of the rights conferred by section 615 are satisfied—
(a) in the case of an acquisition of shares made as a result of acceptances of the offer—by the joint offerors acquiring, or unconditionally contracting to acquire, the shares jointly; and
(b) in any other case—by the joint offerors acquiring, or contracting (whether unconditionally or subject to conditions being satisfied) to acquire, the shares either jointly or separately.
(3) Subject to subsections (5) to (9), the rights and obligations of the offeror under Division 4 are respectively joint rights and joint and several obligations of the joint offerors.
(4) A provision of sections 611 to 618 that requires or authorises a notice or other document to be given or sent by or to the joint offerors is complied with if the notice or document is given or sent by or to any of them.
(5) The statutory declaration required by section 612(4) is ineffective unless it is made by all of the joint offerors and, if one or more of them is a company, is signed by a director of the company or companies concerned.
(6) Except as provided by subsection (7), in relation to a takeover offer made by two or more persons jointly, a reference in this Part to the offeror is a reference the joint offerors or any of them.
(7) In section 613(7) and (8), in relation to a takeover offer made by two or more persons jointly, a reference to the offeror is a reference to the joint offerors or such of them as they may determine
(8) In sections 613(5)(a) and 617(6)(a), in relation to a takeover offer made by two or more persons jointly, a reference to the offeror being no longer able to provide the relevant consideration is a reference to none of the joint offerors being able to do so.
(9) In section 618, in relation to a takeover offer made by two or more persons jointly, a reference to the offeror is a reference to the joint offerors, except that—
(a) an application to the Court under that section may be made by any of them; and
(b) the reference in subsection (10)(a) of that section to the offeror having been unable to trace one or more of the persons holding shares is as a reference to none of the offerors having been able to do so.

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Disclaimer: This document is not to be taken as legal advise.

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