Category: P4
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Public M&A: New Delisting Norms – What is the Excitement Really About?
SEBI’s Consultation Paper proposes a comprehensive review of counter-offer mechanism, counter-offer price discovery mechanism, fixed price mechanism, floor price and reference date Fixed price delisting, largely regarded as a welcome move, fails to excite us and appears lackluster against the present reverse book building mechanism due to absence of a counter-offer mechanism
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Public M&A: Are Warrants attractive price protection instruments?
Recent SEBI informal guidance to Paramount clarifies ambiguity on holding periods for warrantsThough warrants could be listed, listed warrants are almost non-existentUnlisted warrants cannot be transferred (no matter how long they’ve been held for)Shares received upon conversion of warrants are locked-in for 6 months, but unlike other convertibles, the…