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  • Rule 36. Partial offers
  • 36.2 Acquisitions before the offer
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  • 36.1 Panel’s consent required
  • 36.2 Acquisitions before the offer
  • 36.3 Acquisitions during and after the offer
  • 36.4 Offer for between 30% and 50%
  • 36.5 Offer for 30% or more requires 50% approval
  • 36.6 Warning about control position
  • 36.7 Scaling down
  • 36.8 Comparable offer
  • Notes on Rule 36
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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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Acquisitions before the offer

In the case of an offer which could result in the offeror and persons acting in concert with it being interested in shares carrying 30% or more but holding less than 100% of the voting rights of a company, such consent will not normally be granted if the offeror or persons acting in concert with it have acquired, selectively or in significant numbers, interests in shares in the offeree company during the 12 months preceding the application for consent or if interests in shares have been acquired at any time after the partial offer was reasonably in contemplation.

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