The Takeover Panel has published for consultation proposed changes to the Takeover Code concerning the presumptions within the definition of 'acting in concert': see here (pdf). The current definition - presumption 1, applicable to companies - contains a threshold of 20%. The Panel proposes that this should become 30% (aligning it with the threshold contained in the Code's definition of 'control') and that it would operatly differently depending on whether there is voting control or equity investment (equity investment would normally dilute through a chain of ownership; voting control would not dilute).
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