A means of giving target shareholders a choice of consideration, subject to the elections of other target shareholders. Under a mix and match offer target shareholders can elect to receive more of one or the other forms of consideration. Their election is satisfied to the extent that other shareholders choose the other type of consideration (so the amounts of cash and shares offered by the bidder are fixed in advance and are limited).

For further information, see Practice note, Consideration: takeovers and for recent examples of takeovers where a mix and match facility was offered, see What's Market, Public M&A deals: mix and match.