Securities exchange offer

A Takeover Code (www.practicallaw.com/0-107-7362) defined term for an offer in which the consideration (www.practicallaw.com/A34740) includes securities of the bidder other than loan stock (www.practicallaw.com/A36371) or loan notes (www.practicallaw.com/A36369) (unless the stock or notes carry substantially the same rights as any other securities of the bidder in issue or conversion or subscription rights into such securities or equity share capital (www.practicallaw.com/A35060) of the bidder).

For further information, see Practice note, Consideration and underwriting: takeovers (www.practicallaw.com/4-107-3611).

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