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Notification of proposed merger or take-over.
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16.—The Act of 1978 is hereby amended by the substitution, for section 5, of the following section:
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“5.—(1) Each of the enterprises involved in a proposed merger or take-over shall notify the Minister in writing of the proposal, and provide full details thereof within the specified period of the offer capable of acceptance having been made, the effect of which would bring the enterprises under common control.
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(2) Where, having received a notification under this section from each of the enterprises involved, the Minister is of opinion that in order to consider for the purposes of this Act a proposed merger or take-over he requires further information he may, within one month of the date of receipt by him of the notification, or of the last of such notifications, as the case may be, request such further information in writing from any one or more of the enterprises concerned, each of which shall provide the information within a period to be stated to them by the Minister in writing.
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(3) (a) Where there is a contravention of subsection (1) or (2) the person in control of an enterprise failing to notify the Minister within the specified period or failing to supply the information requested within the period stated by the Minister shall be guilty of an offence and shall be liable—
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(i) on summary conviction, to a fine not exceeding £1,000 and, for continued contravention, to a daily default fine not exceeding £100, or
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(ii) on conviction on indictment, to a fine not exceeding £200,000 and, for continued contravention, to a daily default fine not exceeding £20,000.
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(b) Where a person is liable to a daily default fine he shall be guilty of contravening the provision on every day on which the contravention continues after the specified period has elapsed.
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(c) For the purposes of this subsection the person in control of an enterprise is—
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(i) in the case of a body corporate, any officer of the body corporate who knowingly and wilfully authorises or permits the contravention,
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(ii) in the case of a partnership, each partner who knowingly and wilfully authorises or permits the contravention,
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(iii) in the case of any other form of enterprise, any individual in control of that enterprise who knowingly and wilfully authorises or permits the contravention.
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(4) For the purposes of this section the specified period shall be one month, or such other period as the Minister may specify.
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(5) A notification for the purposes of subsection (1) shall not be valid where any information provided or statement made under subsection (1) or (2) is false or misleading.”.
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