From the BBC
-Once someone reaches a 30% shareholding in a company they are deemed by the Takeover Panel to have "effective control" of the firm and must then make an offer for the remaining shares
- The price offered cannot be lower than the highest price the offerer has paid for shares in the firm in the previous 12 months
- If, after the offer has been made, the offerer has more than 50% of the shares they are deemed to have been successful in their takeover and legally in control
If an offer is unsuccessful and the 50% shareholding level is not breached then the offerer cannot come back with another takeover attempt for 12 months, unless invited to do so by the company
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