mandatory bid

mandatory bid
A bid required to be made under Rule 9 of the City Code on Takeovers and Mergers, broadly where: the bidder and any persons acting in concert acquire shares carrying 30% or more of the voting rights of a target; or if a bidder, together with any concert parties, holding not less than 30% but not more than 50% of the voting rights increases its holding. Rule 9 requires a mandatory offer to be made in cash (or be accompanied by a cash alternative) and at the highest price paid by the bidder or any concert party for any interest in shares of the relevant class during the 12 months prior to the announcement of the offer.
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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