SCHEDULES
C1F1SCHEDULE 1CRules of the Takeover Panel: general principles and other provision
Sch. 1C applied (31.12.2020) by S.I. 2009/2436, Sch. 1 para 14(A1) (as inserted by The Takeovers (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/217), regs. 1, 20; 2020 c. 1, Sch. 5 para. 1(1))
PART 2Other provision
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1
Rules must ensure that the offeror may offer by way of consideration for the securities which are the subject of the mandatory takeover bid—
a
securities,
b
cash, or
c
a combination of both.
2
Rules must ensure that cash must be offered—
a
as an alternative where the consideration offered does not consist of liquid securities admitted to trading on a UK regulated market, and
b
at least as an alternative where the securities purchased for cash over a relevant period by the offeror or by persons acting in concert with the offeror, taken together, carry 5% or more of the voting rights in the offeree company.
3
“A relevant period” is a period—
a
beginning at the same time as the period determined in accordance with paragraph 8(1), and
b
ending when the offer closes for acceptance.
4
Rules may require that cash must be offered, at least as an alternative, in all cases.
Sch. 1C inserted (31.12.2020) by The Takeovers (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/217), reg. 1, Sch.; 2020 c. 1, Sch. 5 para. 1(1)