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  • TMA-2.22 TMA-2.22 When Cash Offer is Required

    • TMA-2.22.1

      Except with the CBB's consent, a cash offer is required where:-

      (a) The offeror and any person acting in concert with it has bought for cash during the offer period and within 6 months prior to its commencement, an interest in shares of any class under offer in the offeree company carrying 10% or more of the voting rights of that class; or
      (b) In the view of the CBB there are circumstances which render such a course necessary.

      The offer for each class of shares must be in cash or accompanied by a cash alternative at not less than the highest price paid by the offeror or any person acting in concert with it for shares of the class during the offer period and within 6 months prior to the commencement.

      Amended: October 2019
      Amended: April 2013