Substantial Acquisition Rules

The Irish Takeover Panel Act, 1997, Substantial Acquisition Rules, 2007 (“SARs”) came into operation on 19 December 2007.

The SARs are made by the Irish Takeover Panel pursuant to the provisions of section 8(2) of the 1997 Act and have been approved by the Minister for Enterprise, Trade and Employment as required by the 1997 Act.

Subject to certain exceptions, the SARs restrict the speed with which a person may increase a holding of voting securities, and rights over voting securities, of a relevant company to an aggregate of between 15% and 30% of the voting rights.

The SARs also require accelerated disclosure of acquisitions of voting securities, or rights over voting securities, relating to such holdings.

Download the Substantial Acquisition Rules, 2007 (PDF, 151KB)