Ann: Change in substantial holding from BKW, page-51

In a hostile off-market takeover bid, the bidder will typically approach one or more major target securityholders on a confidential basis to seek to purchase target shares up to the 19.9% limit. A pre-bid stake is important for a hostile off-market takeover bid as it gives the bidder momentum and reduces the possibility that a third party will make a rival offer for control of target.In a friendly off-market takeover bid, the need for a pre-bid stake is not as acute as the bidder will have the benefit of the target board's recommendation that target shareholders accept the bidder's offer. Nevertheless, a pre-bid stake is still very helpful in reducing the possibility that a third party will make a rival offer.