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:
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Related links

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

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

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  • 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. www.practicallaw.com. 2010 …   Law dictionary

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