Schedule 1C, paragraph 9(2)

Rules must ensure that cash must be offered— as an alternative where the consideration offered does not consist of liquid securities admitted to trading on a UK regulated market, and at least as an alternative where the securities purchased for cash over a relevant period by the offeror or by persons acting in concert with the offeror, taken together, carry 5% or more of the voting rights in the offeree company.

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Source: legislation.gov.uk · retrieved 2026-09-04