Acceptance condition

A condition of a takeover offer relating to the minimum number of acceptances by target shareholders which the bidder is seeking to obtain. The City Code on Takeovers and Mergers (www.practicallaw.com/A34660) requires the acceptance condition to be set at shares carrying over 50% of the voting rights in the target.

For further information, see Practice notes, Takeovers: overview: Acceptance condition (www.practicallaw.com/6-107-3605) and Takeover Code know-how: Rule 10 (www.practicallaw.com/5-500-6810).

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