In some circumstances, a person may be obliged to make a mandatory takeover offer where that person’s shareholding (and those of its concert parties) in a company exceeds certain thresholds. Rule 9 of the City Code on Takeovers and Mergers (City Code) provides that, except with the consent of the Panel on Takeovers and Mergers, where:
any person acquires (whether by a series of transactions over a period of time or not) an interest in shares which (taken together with shares in which persons acting in concert1 with him are interested) carry
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