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  • Rule 36. Partial offers
  • 36.6 Warning about control position
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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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Warning about control position

In the case of a partial offer which could result in the offeror, either alone or with persons acting in concert with it, holding shares carrying over 50% of the voting rights of the offeree company, the offer document must contain specific and prominent reference to this and to the fact that, if the offer succeeds, the offeror or, where appropriate, the offeror and persons acting in concert with it, will be free, subject to Rule 36.3 and, where relevant, to Note 4 on Rule 9.1, to acquire further interests in shares without incurring any obligation to make an offer under Rule 9.

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