35. Right of minority shareholder to be bought out by bidder

(1) Subsections (2) and (3) apply in a case where a takeover offer relates to all the shares in a company.

For this purpose a takeover offer relates to all the shares in a company if it is an offer to acquire all the shares in the company within the meaning of section 26.
(2) The holder of any voting shares to which the offer relates who has not accepted the offer may require the bidder to acquire those shares if, at any time before the end of the period within which the offer can be accepted —
(a) the bidder has by virtue of acceptances of the offer acquired or unconditionally contracted to acquire some (but not all) of the shares to which the offer relates, and
(b) those shares, with or without any other shares in the company which he has acquired or contracted to acquire (whether unconditionally or subject to conditions being met) —
(i) amount to not less than 90% in value of all the voting shares in the company (or would do so but for section 42), and
(ii) carry not less than 90% of the voting rights in the company (or would do so but for section 42).
(3) The holder of any non-voting shares to which the offer relates who has not accepted the offer may require the bidder to acquire those shares if, at any time before the end of the period within which the offer can be accepted —
(a) the bidder has by virtue of acceptances of the offer acquired or unconditionally contracted to acquire some (but not all) of the shares to which the offer relates, and
(b) those shares, with or without any other shares in the company which he has acquired or contracted to acquire (whether unconditionally or subject to conditions being met), amount to not less than 90% in value of all the shares in the company (or would do so but for section 42).
(4) If a takeover offer relates to shares of one or more classes and at any time before the end of the period within which the offer can be accepted —
(a) the bidder has by virtue of acceptances of the offer acquired or unconditionally contracted to acquire some (but not all) of the shares of any class to which the offer relates, and
(b) those shares, with or without any other shares of that class which he has acquired or contracted to acquire (whether unconditionally or subject to conditions being met) —
(i) amount to not less than 90% in value of all the shares of that class, and
(ii) in a case where the shares of that class are voting shares, carry not less than 90% of the voting rights carried by the shares of that class,
the holder of any shares of that class to which the offer relates who has not accepted the offer may require the bidder to acquire those shares.
(5) For the purposes of subsections (2) to (4), in calculating 90% of the value of any shares, shares held by the company as treasury shares are to be treated as having been acquired by the bidder.
(6) Subsection (7) applies where —
(a) a shareholder exercises rights conferred on him by subsection (2), (3) or (4),
(b) at the time when he does so, there are shares in the company which the bidder has contracted to acquire subject to conditions being met, and in relation to which the contract has not become unconditional, and
(c) the requirement imposed by subsection (2)(b), (3)(b) or (4)(b) (as the case may be) would not be satisfied if those shares were not taken into account.
(7) The shareholder is treated for the purposes of section 37 as not having exercised his rights under this section unless the requirement imposed by paragraph (b) of subsection (2), (3) or (4) (as the case may be) would be satisfied if —
(a) the reference in that paragraph to other shares in the company which the bidder has contracted to acquire unconditionally or subject to conditions being met were a reference to such shares which he has unconditionally contracted to acquire, and
(b) the reference in that subsection to the period within which the offer can be accepted were a reference to the period referred to in section 36.
(8) A reference in subsection (2)(b), (3)(b),(4)(b), (6) or (7) to shares which the bidder has acquired or contracted to acquire includes a reference to shares which an associate of his has acquired or contracted to acquire.