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Commentary

55 Takeovers

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

55 Takeovers

| Commentary

55 Takeovers

As discussed earlier1 where a purchasing company (company B) issues shares or debentures to a person in exchange for shares or debentures in the target company (company A), the gain may be deferred as discussed in Paragraph 54 [223] above if one of the following conditions is satisfied2:

  1. 55.1

        company B holds more than 25% of the ordinary share capital of company A (or will do so as a result of the exchange); or

  2. 55.2

        company B issues the shares or debentures as a result of a general offer made to members of company A, or any class

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