202 Comparable offers

Rule 14.1 of the City Code on Takeovers and Mergers (City Code) provides that where a target company has more than one class of equity share capital, the offeror must make separate offers for each class which are comparable, whether a class carries voting rights or not. In such a case the Panel on Takeovers and Mergers should be consulted in advance. A comparable offer need not necessarily be an identical offer1. Where an offer for non-voting shares only is being made, comparable offers for voting classes are not required. Classes of non-voting, non-equity share

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