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takeover bid

A technique for effecting a *takeover or a *merger. The bidder makes an offer to the members of the target company to acquire their shares (either for cash or in exchange for shares in the bidding company) in the hope of receiving sufficient acceptances to obtain voting control of the target company. Unless there is a *scheme of arrangement - and providing that the court does not order otherwise - if members holding not less than 90% in value of the shares involved in the bid accept the offer, the bidding company can compulsorily acquire the shares of the remaining members.

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