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39. Joint offers

Past version: effective from 21/10/2015 - 20/10/2015
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(1) In the case of a takeover offer made by two or more persons jointly, this Chapter has effect as follows.
(2) The conditions for the exercise of the rights conferred by section 31 are satisfied —
(a) in the case of acquisitions by virtue of acceptances of the offer, by the joint bidders acquiring or unconditionally contracting to acquire the necessary shares jointly, and
(b) in other cases, by the joint bidders acquiring or unconditionally contracting to acquire the necessary shares either jointly or separately.
(3) The conditions for the exercise of the rights conferred by section 35 are satisfied —
(a) in the case of acquisitions by virtue of acceptances of the offer, by the joint bidders acquiring or unconditionally contracting to acquire the necessary shares jointly, and
(b) in other cases, by the joint bidders acquiring or contracting (whether unconditionally or subject to conditions being met) to acquire the necessary shares either jointly or separately.
(4) Subject to the following provisions, the rights and obligations of the bidder under sections 31 to 37 are respectively joint rights and joint and several obligations of the joint bidders.
(5) A provision of sections 31 to 38 that requires or authorises a notice or other document to be given or sent by or to the joint bidders is complied with if the notice or document is given or sent by or to any of them (but see subsection (6)).
(6) The statutory declaration required by section 32 must be made by all of the joint bidders and, where one or more of them is a company, signed by a director of that company.
(7) In sections 26 to 29, 31,33, 35 and 40 references to the bidder are to be read as references to the joint bidders or any of them.
(8) In section 33 and (8) references to the bidder are to be read as references to the joint bidders or such of them as they may determine.
(9) In sections 33 and 37 references to the bidder being no longer able to provide the relevant consideration are to be read as references to none of the joint bidders being able to do so.
(10) In section 38 references to the bidder are to be read as references to the joint bidders, except that —
(a) an application under subsection (3) or (9) may be made by any of them, and
(b) the reference in subsection (9)(a) to the bidder having been unable to trace one or more of the persons holding shares is to be read as a reference to none of the bidders having been able to do so.