RE: JerseyCrew31 Oct 2019 14:06
Requirement for particular forms of consideration:
If any shares are acquired during the offer period for cash, or 10% or more were acquired for cash during the preceding 12 months, the offer must be in cash (or include a cash alternative) at not less than the highest price paid during the offer period and the preceding 12 months.
Requirement for a mandatory offer: Where a bidder is interested in shares carrying 30% or more of the target’s voting share rights, the bidder must make a mandatory offer in cash at no less than the highest price paid during the preceding 12 months (often referred to as a "Rule 9 offer"). Mandatory offers can only be conditional on the bidder receiving acceptances that, together with any shares already held or acquired during the offer, would give the bidder and its concert parties more than 50% of the voting rights. As such, bidders cannot rely on other conditions to protect themselves.