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Companies Act 2006
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Companies Act 2006, Paragraph 9 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Nodiadau Esboniadol
[F19.(1)Rules must ensure that the offeror may offer by way of consideration for the securities which are the subject of the mandatory takeover bid—U.K.
(a)securities,
(b)cash, or
(c)a combination of both.
(2)Rules must ensure that cash must be offered—
(a)as an alternative where the consideration offered does not consist of liquid securities admitted to trading on a UK regulated market, and
(b)at least as an alternative where the securities purchased for cash over a relevant period by the offeror or by persons acting in concert with the offeror, taken together, carry 5% or more of the voting rights in the offeree company.
(3)“A relevant period” is a period—
(a)beginning at the same time as the period determined in accordance with paragraph 8(1), and
(b)ending when the offer closes for acceptance.
(4)Rules may require that cash must be offered, at least as an alternative, in all cases.]
Textual Amendments
F1Sch. 1C inserted (31.12.2020) by The Takeovers (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/217), reg. 1, Sch.; 2020 c. 1, Sch. 5 para. 1(1)
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