SENEGAL
Mauritania
Senegal
Dakar
Mali
The Gambia
Law and Practice Contributed by: Khaled Abou El Houda, Malick Lo, Chadi Safieddine and Mohamed Kamil SCP Houda & Associés
Guinea- Bissau
Guinea
Contents 1. Trends p.1098
7. Disclosure p.1108 7.1 Making a Bid Public p.1108
1.1 M&A Market p.1098 1.2 Key Trends p.1098 1.3 Key Industries p.1098 2. Overview of Regulatory Field p.1098 2.1 Acquiring a Company p.1098 2.2 Primary Regulators p.1099 2.3 Restrictions on Foreign Investments p.1099 2.4 Antitrust Regulations p.1100 2.5 Labour Law Regulations p.1100 2.6 National Security Review p.1100 3. Recent Legal Developments p.1101 3.1 Significant Court Decisions or Legal Developments p.1101 3.2 Significant Changes to Takeover Law p.1101 4. Stakebuilding p.1101 4.1 Principal Stakebuilding Strategies p.1101 4.2 Material Shareholding Disclosure Threshold p.1101
7.2 Type of Disclosure Required p.1108 7.3 Producing Financial Statements p.1108 7.4 Transaction Documents p.1109 8. Duties of Directors p.1109 8.1 Principal Directors’ Duties p.1109 8.2 Special or Ad Hoc Committees p.1110 8.3 Business Judgement Rule p.1110 8.4 Independent Outside Advice p.1110 8.5 Conflicts of Interest p.1110 9. Defensive Measures p.1110 9.1 Hostile Tender Offers p.1110 9.2 Directors’ Use of Defensive Measures p.1110 9.3 Common Defensive Measures p.1110 9.4 Directors’ Duties p.1111 9.5 Directors’ Ability to “Just Say No” p.1111 10. Litigation p.1111 10.1 Frequency of Litigation p.1111 10.2 Stage of Deal p.1111 10.3 “Broken-Deal” Disputes p.1111 11. Activism p.1112 11.1 Shareholder Activism p.1112 11.2 Aims of Activists p.1112 11.3 Interference With Completion p.1112
4.3 Hurdles to Stakebuilding p.1101 4.4 Dealings in Derivatives p.1102 4.5 Filing/Reporting Obligations p.1102 4.6 Transparency p.1103 5. Negotiation Phase p.1103 5.1 Requirement to Disclose a Deal p.1103
5.2 Market Practice on Timing p.1104 5.3 Scope of Due Diligence p.1104 5.4 Standstills or Exclusivity p.1104 5.5 Definitive Agreements p.1104 6. Structuring p.1105 6.1 Length of Process for Acquisition/Sale p.1105 6.2 Mandatory Offer Threshold p.1105 6.3 Consideration p.1105 6.4 Common Conditions for a Takeover Offer p.1106 6.5 Minimum Acceptance Conditions p.1106 6.6 Requirement to Obtain Financing p.1106 6.7 Types of Deal Security Measures p.1106 6.8 Additional Governance Rights p.1107 6.9 Voting by Proxy p.1107
6.10 Squeeze-Out Mechanisms p.1107 6.11 Irrevocable Commitments p.1107
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