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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 27

Variation or extension of take-over offers
27. (1) An offeror may not vary the terms of a take-over offer, or extend the
period for which a take-over offer remains open, except-

   (a)  where the regulations permit, either unconditionally or subject to
        conditions, variations in the terms of take-over offers or of a class
        of take-over offers in which the take-over offer is included or
        extensions of the period for which take-over offers or such a class of
        take-over offers remain open-in accordance with the regulations; or

   (b)  in any case-with the consent in writing of the Commission and subject
        to such conditions (if any) as are specified in the instrument of
        consent.

(2) Where-

   (a)  an offeror purports to vary the terms of a take-over offer, or to
        extend the period for which a take-over offer remains open, in
        accordance with the regulations; and

   (b)  the offeror contravenes or fails to comply with a condition applicable
        under the regulations in relation to the variation or extension, the
        terms of the take-over offer shall be deemed not to have been so
        varied, or the period for which the take-over offer remains open shall
        be deemed not to have been so extended, as the case may be.

(3) Where-

   (a)  the Commission consents, subject to a condition, to a variation of the
        terms of a take-over offer, or to an extension of the period for which
        a take-over offer remains open; and

   (b)  the offeror contravenes or fails to comply with the condition, the
        terms of the take-over offer shall be deemed not to have been so
        varied, or the period for which the take-over offer remains open shall
        be deemed not to have been so extended, as the case may be.

(4) Nothing in this section affects the operation of section 19. 


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