acting in concert

acting in concert
Also known as concert party arrangements. A group acting together in a takeover situation. As defined in the City Code on Takeovers and Mergers (the Code), persons acting in concert are persons who, pursuant to an agreement or understanding (whether formal or informal), co-operate to obtain or consolidate control of a company or to frustrate the successful outcome of an offer for a company. A person and each of its affiliated persons will be deemed to be acting in concert with each other. Control in this context means 30% of the voting rights in the target company. The Code presumes that certain categories of person will be acting in concert unless the contrary is shown. Under the Disclosure Rules and Transparency Rules (DTR) a person will also be an indirect holder of shares held by a third party where they agree that they should adopt, by concerted exercise of the voting rights they hold, a lasting common policy towards the management of the company in question. (DTR 5.2.1R(a))
For further information, see the Panel on Takeovers and Mergers website:
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • Acting In Concert — A slang term for when parties undertake identical investment actions to achieve the same goal. Acting in concert requires the cooperation of people or corporations to make the same transactions based on a previous arrangement. The issue of acting …   Investment dictionary

  • acting in concert — investors working together and performing identical actions to attain the same investment goal. Bloomberg Financial Dictionary For the purpose of the Companies Act 1985, this is when two or more people have an agreement to acquire interests in… …   Financial and business terms

  • acting in concert — Having an agreement or understanding, either formal or informal, in which a number of persons act collectively in the affairs of an undertaking …   Accounting dictionary

  • persons acting in concert — kartu veikiantys asmenys statusas Aprobuotas sritis kredito ir finansų įstaigos apibrėžtis Du ar daugiau asmenų, kurie remdamiesi savo aiškiai sudarytu ar numanomu žodiniu ar rašytiniu susitarimu įgyvendina ar siekia įgyvendinti savo teises,… …   Lithuanian dictionary (lietuvių žodynas)

  • concert party — Term given to persons acting in concert. Related links stakebuilding concert parties acting in concert Practical Law Dictionary …   Law dictionary

  • concert parties — A phrase based on the concept of acting in concert , which is defined in the City Code on Takeovers and Mergers as active co operation by agreement or understanding (whether formal or informal) to obtain or consolidate control of a company. The… …   Law dictionary

  • acting — I adjective adjutant, deputative, deputy, functioning, holding legal rights conferred by another, impermanent, replacing, representative, representing, short term, speaking by delegated authority, standing in the place of, substituting for,… …   Law dictionary

  • concert — I noun accord, accordance, agreement, alliance, coaction, coadjument, coadjuvancy, coagency, coalition, coefficiency, collaboration, combination, combined action, combined effort, compatibility, complicity, concord, concordance, concurrence,… …   Law dictionary

  • concert party arrangements — See acting in concert Practical Law Dictionary. Glossary of UK, US and international legal terms. 2010 …   Law dictionary

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