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21	Legal aspects of the regulation of mergers and acquisitions Oberholzer, Cornelius Christiaan 11 1900 (has links) One of the objectives of the Securities Regulation Code on Takeovers and Mergers ("the Code") was to achieve neutrality of treatment of minority shareholders in takeover situations irrespective of the method employed to effect the takeover. This objective has not yet been achieved despite the inclusion of Rule 29 in the Code. Different levels of minority protection apply depending on the method used to effect a takeover. Asset takeovers are also excluded from the ambit of the Code. It is suggested that capital reductions and security conversions be prohibited to effect a takeover unless the Code is applicable to the transaction. The scheme of arrangement procedure, with certain suggested amendments, should be retained as a takeover method. It is further suggested that section 228 of the Companies Act be amended to ensure greater minority shareholder protection but that asset takeovers not be included within the ambit of the Code at this stage. / Private Law / LL.M. Securities Regulation Code Takeovers Scheme of arrangement Reduction of capital Securities conversion Asset takeovers Section 228 of the Companies Act, 1973 Mergers and acquisitions Compensating advantage Offeror and offeree company Redeemable preference shares method 346.6626068 Corporation law -- South Africa