lse 30 perecnt takeover rule

I posted this on ADVFN last night (UK time):


Hmmm...so RIO are slowly soaking up EXT (and perhaps KAH) shares in the market.

And at what point are RIO obliged to make an offer for the entire 'enlarged' company?

30% methinks.

No wonder they are happy with the merger.


To be clear. It is my understanding that under LSE rules RIO will be obliged to bid for the remaining shares of the 'enlarged company' once they have a 30% holding.

That's not to say they will take the full 30%. Very often a predator will take just short and bide their time, having effectively blocked other bids.

Time will tell.

M