Thats correct. There are two other requirements which i think are paeticularly pertinent to ADT.
1. Takeover bid isn't compulsory until 30% of voting rights are aquired (20% in Aus)
2. There must be a cash offer or alternative. This is the one that SFR would struggle with I would think (from memory they have about A$650 mill) and it may force them to offer a significanty better offer for scrip or cash+ scrip.
https://www.thetakeoverpanel.org.uk/the-code/download-code
Ann: Vares Silver Project Definitive Feasibility Study, page-103
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