| Commentary

211 Revisions

| Commentary

211 Revisions

As an alternative to waiving down the acceptance condition, an offeror may choose to revise its offer on the first closing date and extend the offer. The offeror may also be forced to make a revision in certain circumstances (for example where the offeror purchases shares at above the offer price1or becomes obliged to introduce a cash offer2). If an offer is revised, all shareholders who accepted the original offer must be entitled to the revised consideration3.

If an offer is revised, a revised offer document, drawn up in accordance with Rules 24 and 27 of the City Code

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