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Legal Update

Another MGO Waiver Refusal for Intra-concert Group Transfer

8 January 2016
Mayer Brown JSM Legal Update
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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