| Commentary

201 Terms and conditions

| Commentary

201 Terms and conditions

Subject to the City Code on Takeovers and Mergers, the offeror may impose whatever terms he wishes in the offer. However, where the offer is for voting equity share capital or for other transferable securities carrying voting rights and, if it were accepted in full, would result in the offeror holding shares carrying over 50% of the voting rights of the target company, it must be a condition of the offer that it will not become or be declared unconditional as to acceptances unless the offeror has acquired or agreed to acquire (either under the offer

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