1586 terms

Glossary

Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.

Showing 2 terms

Persons acting in concert

Regulation & tax

Also called: PAC

Persons who, pursuant to an agreement or understanding, co-operate to acquire shares, voting rights or control in a company, and whose holdings are therefore aggregated against the takeover thresholds.

In plain terms

The provision that stops a takeover being split into six innocent-looking purchases. Certain relationships are presumed to be acting in concert unless the contrary is shown, so the burden sits on the acquirer rather than on anybody who has to prove it.

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Acquirer

Regulation & tax

Under the takeover regulations, the person who acquires or agrees to acquire shares, voting rights or control in a target company — assessed together with the persons acting in concert with them.

In plain terms

The word is defined so that it catches a group rather than only a name on a contract. Which is why the obligation to make an open offer can fall on a set of related entities, none of which crossed a threshold on its own.

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