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Companies Act 2006
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Companies Act 2006, Section 977 is up to date with all changes known to be in force on or before 06 March 2025. 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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977Shares to which an offer relatesU.K.
This section has no associated Explanatory Notes
(1)Where a takeover offer is made and, during the period beginning with the date of the offer and ending when the offer can no longer be accepted, the offeror—
(a)acquires or unconditionally contracts to acquire any of the shares to which the offer relates, but
(b)does not do so by virtue of acceptances of the offer,
those shares are treated for the purposes of this Chapter as excluded from those to which the offer relates.
(2)For the purposes of this Chapter shares that an associate of the offeror holds or has contracted to acquire, whether at the date of the offer or subsequently, are not treated as shares to which the offer relates, even if the offer extends to such shares.
In this subsection “contracted” means contracted unconditionally or subject to conditions being met.
(3)This section is subject to section 979(8) and (9).
Modifications etc. (not altering text)
C1Ss. 974-991 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 14(2) (with transitional provisions and savings in regs. 7, 9, Sch. 2)
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