Commentary

210 Acceptance condition not satisfied at the first closing date: offeror in control

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

210 Acceptance condition not satisfied at the first closing date: offeror in control

| Commentary

210 Acceptance condition not satisfied at the first closing date: offeror in control

Where the acceptance condition is not satisfied by the first closing date but the offeror has received sufficient acceptances to result in it holding offeree shares carrying more than 50% of the voting rights, the original offer document will usually give the offeror’s board the discretion to declare the offer ‘unconditional as to acceptances’ even though the 90% target has not yet been reached. If the offeror declares the offer unconditional as to acceptances, it may still grant an extension; but this time, as the offer is

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