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Commentary

184.3 Effect on take-over bids

COMPANIES vol 11 acquisitions, mergers, demergers
COMPANIES vol 11 acquisitions, mergers, demergers | Commentary

184.3 Effect on take-over bids

COMPANIES vol 11 acquisitions, mergers, demergers | Commentary

184.3 Effect on take-over bids

Where a takeover bid is made for an opted-in company, any agreement is invalid in so far as it places any restriction on1:

  1. 184.3.1

        the transfer to the offeror (or to another person at his direction) of shares in the company during the offer period;

  2. 184.3.2

        the transfer of shares in the company to any person at a time during the offer period when the offeror holds shares carrying not less than 75% in value of all the voting shares in the company2;

  3. 184.3.3

        rights to vote at any general meeting of the company (including

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