§ 55. Mr. ShersbyTo ask the Chancellor of the Duchy of Lancaster if he will introduce legislation to provide that a mandatory offer shall be made for a company when a person or persons acting in concert own or control 10 per cent. or more of a company's voting shares.
§ Mr. MaudeNo. The City code on takeovers and mergers requires an offer to be made at a 30 per cent. holding, at which point control is deemed to be obtained. I do not favour reducing the threshold to 10 per cent., nor embodying the requirement in legislation.