| Commentary

179 Offer requirements

| Commentary

179 Offer requirements

The offer is subject to certain requirements. An offer made under Rule 9 of the City Code on Takeovers and Mergers (City Code) must, in respect of each class of share capital involved, be in cash or be accompanied by a cash alternative at not less than the highest price paid by the offeror or any person acting in concert with it for any interest in shares of that class during the 12 months before the announcement of that offer1. The only condition allowed is that the offeror receives acceptances in respect of shares which, together with

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