RE: Takeover24 Jun 2020 01:36
Don't know if this would be relevant to any takeover, if so, The minimum price on offer would be 1.3p
1. — A mandatory offer can be triggered in two circumstances:
· any person acquires an interest in shares which (taken together with
the shares in which persons acting in concert with it are interested)
carries 30% or more of the voting rights of a company to which the
Takeover Code (“Code”) applies; or
· any person, together with persons acting in concert, is interested in
shares which in the aggregate carry not less than 30% of the voting
rights of a company but does not hold shares carrying more than
50% of such voting rights and that person, or any person acting in
concert, acquires an interest in any other shares (in a company to
which the Code applies) which increases the percentage of shares
carrying voting rights in which it is interested.
6. The mandatory offer must, in respect of each class of share capital involved, be
in cash or be accompanied by a cash alternative at not less than the highest
price paid by the bidder (or any person acting in concert) for any interest in
shares of that class during the 12 months prior to the announcement of the offer.
CMS Guide to Mandatory Offers and Squeeze-outs - CMS Law