Commentary

177.2 Restrictions on number of shares purchased

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

177.2 Restrictions on number of shares purchased

| Commentary

177.2 Restrictions on number of shares purchased

The provisions of the City Code on Takeovers and Mergers (City Code) may affect the number of shares which the offeror is able to buy. Under Rule 5.1 of the City Code, a person who, together with those acting in concert with him, is interested in shares which in the aggregate carry less than 30% of voting rights in a company may not acquire an interest in any other shares carrying voting rights in that company which, when aggregated with his existing holding, would carry 30% or more of the voting rights1. Where

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