In its recent decision relating to The Cross Harbour (Holdings) Limited (Cross Harbour), the Takeovers and Mergers Panel (the "Panel") ruled that despite there being no change in leadership of a long established concert group, nor payment of premium in the proposed intra-concert group transfer, no waiver from the obligation to make a mandatory general offer (an "MGO") would be granted if the leader acquires a direct holding of a controlling interest in the listed company.

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Originally published on 8 January 2016

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