29% it is >30%5 Dec 2016 14:20
Yes it is 29%, but can get the waiver.
Whitewash” waivers under Rule 9
Under the Takeover Code, a shareholder (together with its concert parties) who acquires an interest in 30% or more of the target's securities (or increases such interest between 30% and 50%) would ordinarily be required to make a mandatory bid for the target. However, a Rule 9 whitewash (under which shareholder approval is given to the proposed acquisition of shares) may be sought which obviates the need for a mandatory bid. The Panel is proposing that the circular to shareholders seeking approval should specifically note that the potential new controller will not be restricted from making an offer for the target company following approval of the Rule 9 whitewash (unless it has entered into a standstill agreement with the company or has made a statement that it does not intend to make an offer, in which case full details of the agreement or statement should be disclosed).
- See more at: http://www.fieldfisher.com/publications/2014/09/proposed-changes-to-the-takeover-code#sthash.byhSkuD1.dpuf