Mandatory bid

A bid required to be made under Rule 9 of the City Code on Takeovers and Mergers (, broadly where: the bidder and any persons acting in concert ( acquire shares carrying 30% or more of the voting rights of a target; or if a bidder, together with any concert parties, holding not less than 30% but not more than 50% of the voting rights increases its holding. Rule 9 requires a mandatory offer to be made in cash (or be accompanied by a cash alternative ( and at the highest price paid by the bidder or any concert party ( for any interest in shares of the relevant class during the 12 months prior to the announcement of the offer.

For further information, see Practice note, Takeover Code know-how: Rule 9 ( .

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