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In the definition of the City Code  persons acting in concert are persons who, pursuant to an agreement or understanding (formal or informal) actively cooperate through the acquisition by and of them of shares in a company, in order to obtain or consolidate control of that company.

The City Code presumes that, unless otherwise proven, certain categories of person (human or corporate/legal) act in concert. Though the definition is especially important in relation to the application of Rule 9 (the “Mandatory Bid“) all bidders should address who may be acting in concert with them, especially in respect of any stakebuilding excercise.

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