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  • Rule 35. Restrictions following offers
  • 35.2 Partial offers
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  • 35.1 Delay of 12 months
  • 35.2 Partial offers
  • 35.3 Delay of 6 months before acquisitions above the offer value
  • 35.4 Restrictions on dealings by a competing offeror whose offer has lapsed
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Fourteenth edition
11 December 2023

Updated
11 December 2023

Timeline and revision history

You are viewing the Code as at 11/12/2023
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  1. 11/12/2023

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Partial offers

The restrictions in Rule 35.1 will also apply following a partial offer:

  1. which could result in the offeror and persons acting in concert with it being interested in shares carrying not less than 30% but not holding shares carrying more than 50% of the voting rights of the offeree company whether or not the offer has become or been declared unconditional. When such an offer has become or been declared unconditional, the period of 12 months runs from that date; and

  2. for more than 50% of the voting rights of the offeree company which has not become or been declared unconditional.

The restrictions in Rule 35.1 will not normally apply following a partial offer which could only result in the offeror and persons acting in concert with it being interested in shares carrying less than 30% of the voting rights of the offeree company.

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