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COMPANIES (ACQUISITION OF SHARES) ACT 1980 No. 64 of 1980 - SECT 30
Take-over offers subject to conditions
30. (1) Where-
(a) a take-over offer made in respect of shares in a company is subject to
a prescribed condition (however expressed) that the offeror receives
an acceptance or acceptances of an offer or offers under the relevant
take-over scheme in respect of a number of shares referred to in the
condition;
(b) after the relevant Part A statement was served on the target company
and before the expiration of the period during which the offer remains
open, the offeror becomes entitled to shares in the company included
in the same class as the first-mentioned shares otherwise than as a
result of the acceptance of an offer under that take-over shceme; and
(c) the shares to which the offeror become entitled as mentioned in para-
paragraph (b) constitute, in the aggregate, more than 20% of the
voting shares in the company, other than shares to which the offeror
was entitled at the time when the Part A statement was served, the
offer shall be deemed to be free from that condition.
(2) Where-
(a) a take-over offer made in respect of shares in a company is subject to
a prescribed condition (however expressed) that the offeror receives
an acceptance or acceptances of an offer or offers under the relevant
take-over scheme in respect of a number of shares referred to in the
condition;
(b) after the relevant Part A statement was served on the target company
and before the expiration of the period during which the offer remains
open, the offeror becomes entitled to shares in the company included
in the same class as the first-mentioned shares otherwise than as a
result of the acceptance of an offer under that take-over scheme; and
(c) sub-section (1) does not operate to deem the offer to be free from the
condition, then, for the purpose of determining whether the condition
has been fulfilled, the offeror shall be deemed to have become
entitled to the shares referred to in paragraph (b) as a result of
receiving an acceptance or acceptances of an offer or offers under
that take-over scheme.
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