Benaud ........ If an entity owns =>20% of a publicly listed...

Benaud ........ If an entity owns =>20% of a publicly listed company they must make a full bid, this is why companies hold 19.9% of a company, they don't want to take full ownership however don't want another company to make a hostile bid, obviously if a TO is friendly then the entity holding the <20% stack would be willing to sell.

If for instant COP wanted to take FAR over but not quite yet they could take a 19.9% stake, that would preclude a full TO until such time as COP were ready to swallow FAR or alternatively COP could sell in a friendly TO situation, this is exactly what happened in the Hardman TO, Woodside was holding 19.5% of Hardman and Tullow came along in a friendly bid to which Woodside sold their stake to and Tullow consequently took over Hardman.