Takeovers—glossary of terms References in this glossary to Rules and Notes are to the rules of, and notes to, The City Code on Takeovers and Mergers (Code) and references to the CA 2006 are to the Companies Act 2006. Glossary terms which are defined in the Definitions section at the beginning of the Code are marked '(Code definition)'. A Acceleration statement (Code definition) An acceleration statement is a statement in which an offeror brings forward the latest date by which all of the conditions to the offer must be satisfied or waived. See Practice Note: Offer tactics—revisions, extensions, acceleration statements and alternative offers—Acceleration statements and acceptance conditional invocation notices. Acceptance condition A condition to an offer as to the minimum level of acceptances of an offer below which the offeror may decline to proceed with the offer. Rule 10.1 requires any offer for voting equity share capital or for other transferable securities carrying voting rights to include an acceptance condition that is not capable of being satisfied unless the offeror has acquired or agreed to acquire (either pursuant to the offer or otherwise) shares carrying over 50% of the voting rights. See Practice Note: Conditions and terms to an offer—The acceptance condition and Precedent Offer document—conditions of the Offer (Appendix 1A).Rule 9.3 requires that a mandatory offer must be conditional only on acceptances being received which, together
Discover our 1 Practice Notes on Cash offeror (Code definition)
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
"LexisPSL and the other Lexis solutions support our business in exactly the way we want. They enable us to quickly turn around work and deliver the best possible service to our clients."
Access all documents on Cash offeror (Code definition)
0330 161 1234