Protection of minority shareholders, the mandatory takeover bid and the equitable price
(1) Rules must ensure that a person ("P") is required to make a takeover bid ("a mandatory takeover bid") where -
(a) P, or any person acting in concert with P, has acquired securities in a company, and
(b) the acquired securities, when added to any existing securities held by P or by persons acting in concert with P, directly or indirectly give P control of that company.
(2) Rules must ensure that the mandatory takeover bid must be addressed at the earliest opportunity to all of the holders of those securities for all their holdings at the equitable price.
(3) Rules must ensure that where control has been acquired following a voluntary takeover bid to all the holders of securities for all their holdings, the obligation referred to in sub-paragraph (1) to make a mandatory takeover bid no longer applies.
(1) For the purposes of paragraph 7, "the equitable price" is the highest price
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