In respect of the “City Code”, a bid required under Rule 9, basically 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 higher price paid by the bidder or any concert party over the preceding 12 months.

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