Mandatory-bid rule

The rule protects relevant shareholders’ opportunity to exit after a control acquisition, subject to the applicable framework. Determine the interests counted, voting-right basis, concert-party rules, triggering events, price requirements, conditions and exemptions. A commonly quoted percentage from one jurisdiction is not a universal threshold. A friendly acquisition can trigger an obligation just as an opposed one can, and acquiring a minority economic interest does not by itself establish the answer. Consult the effective rules and regulator where required rather than infer an obligation from the label takeover.