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searchaux" style="display:none">Offer made by one company to purchase some or all outstanding shares of another company</div> <p>In <a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">mergers and acquisitions</a>, a <b>mandatory offer</b>, also called a <b>mandatory bid</b> in some jurisdictions, is an offer made by one company (the "acquiring company" or "bidder") to purchase some or all outstanding shares of another company (the "target"), as required by <a href="/wiki/Securities_law" class="mw-redirect" title="Securities law">securities laws</a> and regulations or <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a> rules governing corporate <a href="/wiki/Takeover" title="Takeover">takeovers</a>. Most countries, with the notable exception of the United States, have provisions requiring mandatory offers. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=1" title="Edit section: Overview"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable sortable floatright"> <tbody><tr> <th>Country or territory</th> <th>Mandatory offer threshold<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </th></tr> <tr> <td>Argentina </td> <td>15% </td></tr> <tr> <td>Australia </td> <td>20% </td></tr> <tr> <td>Austria </td> <td>30% </td></tr> <tr> <td>Belgium </td> <td>30% </td></tr> <tr> <td>Bermuda </td> <td>No mandatory offer </td></tr> <tr> <td>Brazil </td> <td>25% </td></tr> <tr> <td>British Virgin Islands </td> <td>No mandatory offer </td></tr> <tr> <td>Canada </td> <td>20% </td></tr> <tr> <td>China </td> <td>30% </td></tr> <tr> <td>Czech Republic </td> <td>30% </td></tr> <tr> <td>Egypt </td> <td>50% </td></tr> <tr> <td>France </td> <td>30% </td></tr> <tr> <td>Germany </td> <td>30% </td></tr> <tr> <td>Guernsey </td> <td>30% </td></tr> <tr> <td>Hong Kong </td> <td>30% </td></tr> <tr> <td>India </td> <td>25% </td></tr> <tr> <td>Indonesia </td> <td>25% </td></tr> <tr> <td>Israel </td> <td>25% </td></tr> <tr> <td>Italy </td> <td>25% </td></tr> <tr> <td>Japan </td> <td><span data-sort-value="33%" style="display:none;"></span> 1/3 </td></tr> <tr> <td>Jersey </td> <td>30% </td></tr> <tr> <td>Kuwait </td> <td>30% </td></tr> <tr> <td>Malaysia </td> <td>33% </td></tr> <tr> <td>Mexico </td> <td>30% </td></tr> <tr> <td>Netherlands </td> <td>30% </td></tr> <tr> <td>Russia </td> <td>30% </td></tr> <tr> <td>Saudi Arabia </td> <td>50% </td></tr> <tr> <td>Singapore </td> <td>30% </td></tr> <tr> <td>South Africa </td> <td>35% </td></tr> <tr> <td>South Korea </td> <td>5% </td></tr> <tr> <td>Spain </td> <td>30% </td></tr> <tr> <td>Sweden </td> <td>30% </td></tr> <tr> <td>Switzerland </td> <td><span data-sort-value="33%" style="display:none;"></span> 1/3 </td></tr> <tr> <td>Taiwan </td> <td>20% </td></tr> <tr> <td>Thailand </td> <td>25% </td></tr> <tr> <td>Turkey </td> <td>50% </td></tr> <tr> <td>United Kingdom </td> <td>30% </td></tr> <tr> <td>United States </td> <td>No mandatory offer </td></tr> <tr> <td>Vietnam </td> <td>25% </td></tr></tbody></table> <p>Typically, a mandatory offer must be made when the acquiring company exceeds a certain shareholding threshold in the target, or gains actual control of the target.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Most countries, with the notable exception of the United States, have such a requirement.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The purpose of mandatory offer regulations is to protect <a href="/wiki/Minority_shareholders" class="mw-redirect" title="Minority shareholders">minority shareholders</a> in situations where control of the target is being transferred, and in particular to discourage acquisitions driven by <a href="/wiki/Private_benefits_of_control" title="Private benefits of control">private benefits of control</a> by requiring that a premium be paid for such control.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Thresholds for mandatory offers vary widely between countries. A 2006 World Bank survey of the laws of 50 countries found thresholds ranging from 15% (India; became 20% in 2011) to 67% (Finland); the author's <a href="/wiki/Literature_review" title="Literature review">literature review</a> did not find any study of the optimal level for the threshold.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Thirty percent is a fairly common threshold, found in the <a href="/wiki/City_Code_on_Takeovers_and_Mergers" class="mw-redirect" title="City Code on Takeovers and Mergers">City Code on Takeovers and Mergers</a> followed in the United Kingdom as well as the laws of several other European countries. Depending on the ownership structure of the target, any given threshold short of absolute majority may in practice result in an acquirer being obliged to make an offer even when the acquirer has not yet established a <a href="/wiki/Controlling_interest" title="Controlling interest">controlling interest</a> in the target, and even when another shareholder besides the acquirer retains the majority of shares; conversely, if the remaining shares not held by the acquirer are highly dispersed, actual control of the target could be attained without crossing the mandatory offer threshold. Takeover legislation in various European countries in the 1990s, for example in Austria, thus attempted to use de facto control rather than a specific threshold as the trigger for a mandatory offer; however, this presented enforcement difficulties, given that the threshold for control varied not only between target corporations but over time in the same target, and regulations later provided for a <a href="/wiki/Presumption_(law)" class="mw-redirect" title="Presumption (law)">presumption</a> of control upon achieving a specific threshold.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>A mandatory offer rule is distinct from <a href="/wiki/Tag-along_right" title="Tag-along right">tag-along rights</a>, which give minority shareholders the right to join in any sale by the majority shareholder: the former is an obligation imposed on the acquirer by laws and regulations, while the latter may be provided voluntarily by the majority shareholder of the target to minority shareholders through unilateral announcement or in a <a href="/wiki/Shareholders%27_agreement" title="Shareholders' agreement">shareholders' agreement</a> or similar private contract.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="By_jurisdiction">By jurisdiction</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=2" title="Edit section: By jurisdiction"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Americas">Americas</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=3" title="Edit section: Americas"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Brazil">Brazil</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=4" title="Edit section: Brazil"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Brazilian corporate law provided for a mandatory offer rule prior to 1997. It was repealed that year, but then partially reinstated in 2000 due to pressure from <a href="/wiki/Institutional_investor" title="Institutional investor">institutional investors</a>. A major transaction concluded prior to the rule's reinstatement was the Brazilian government's sale of its 66.7% of voting shares in <a href="/wiki/Banco_Banespa" title="Banco Banespa">Banco Banespa</a> to <a href="/wiki/Banco_Santander" title="Banco Santander">Banco Santander</a>, in which Banco Santander's <a href="/wiki/Tender_offer" title="Tender offer">tender offer</a> covered only the government's state and excluded the minority shareholders.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="United_States">United States</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=5" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the United States, the <a href="/wiki/Williams_Act" title="Williams Act">Williams Act</a> of 1968, which regulates <a href="/wiki/Tender_offers" class="mw-redirect" title="Tender offers">tender offers</a>, does not contain any provisions requiring mandatory offers, due to concerns that such provisions could increase <a href="/wiki/Transaction_cost" title="Transaction cost">transaction costs</a> in mergers and acquisitions.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Asia">Asia</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=6" title="Edit section: Asia"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="China's_mainland"><span id="China.27s_mainland"></span>China's mainland</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=7" title="Edit section: China's mainland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A mandatory bid rule has been applicable in some form since 1993 to companies listed on the <a href="/wiki/Shanghai_Stock_Exchange" title="Shanghai Stock Exchange">Shanghai Stock Exchange</a> and <a href="/wiki/Shenzhen_Stock_Exchange" title="Shenzhen Stock Exchange">Shenzhen Stock Exchange</a>, although the <a href="/wiki/China_Securities_Regulatory_Commission" title="China Securities Regulatory Commission">China Securities Regulatory Commission</a> (CSRC) is empowered to grant exemptions, and in practise acquirers can also structure their transactions to avoid triggering the rule in many cases.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The first version of the rule was adapted from the similar rule in Hong Kong, as at the time many <a href="/wiki/State-owned_enterprises_of_China" title="State-owned enterprises of China">state-owned enterprises of China</a> had already listed on the Hong Kong Stock Exchange, and the regulations' drafters sought advice from Hong Kong experts. The rule provided that upon acquiring 30% of the outstanding <a href="/wiki/Common_stock" title="Common stock">common stock</a> of the target, the acquirer must make a bid for all remaining outstanding shares within 45 working days, at a price which at least matches the highest price paid by the acquirer in the past year for the shares it already holds, as well as the average market price of the shares within the last 30 days.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> That rule remained in effect after the passage of the 1998 <a href="/w/index.php?title=Securities_Law_of_the_People%27s_Republic_of_China&action=edit&redlink=1" class="new" title="Securities Law of the People's Republic of China (page does not exist)">Securities Law</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://zh.wikipedia.org/wiki/%E4%B8%AD%E5%8D%8E%E4%BA%BA%E6%B0%91%E5%85%B1%E5%92%8C%E5%9B%BD%E8%AF%81%E5%88%B8%E6%B3%95" class="extiw" title="zh:中华人民共和国证券法">zh</a>]</span>, though the 1999 law relaxed some related reporting requirements. 2002 regulations maintained the 30% threshold, but provided that the mandatory bid only had to be made if the acquirer intended to acquire more shares, and permitted the CSRC to grant exceptions to the obligation to bid.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> In 2006, both the Securities Law and the 2002 regulations were revised; Article 88 of the revised law left the 30% threshold intact, but weakened the bid requirement from the earlier mandatory bid for all outstanding shares to a bid for at least 5% of the outstanding shares.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Hong_Kong">Hong Kong</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=8" title="Edit section: Hong Kong"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Hong Kong, mandatory offers have been governed since 1975 by Rule 26 of the Code on Takeovers and Mergers, issued by the <a href="/wiki/Securities_and_Futures_Commission" title="Securities and Futures Commission">Securities and Futures Commission</a>. The code does not have force of law.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> However, compliance with the code is required by Listing Rule 13.23 of the <a href="/wiki/Hong_Kong_Stock_Exchange" title="Hong Kong Stock Exchange">Hong Kong Stock Exchange</a>.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="India">India</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=9" title="Edit section: India"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In India, the mandatory bid rule originated in the 1980s as part of the listing agreement between listed companies and stock exchanges. After the <a href="/wiki/Securities_and_Exchange_Board_of_India" title="Securities and Exchange Board of India">Securities and Exchange Board of India</a> (SEBI) became a statutory body with the power to issue <a href="/wiki/Subsidiary_legislation" class="mw-redirect" title="Subsidiary legislation">subsidiary legislation</a> under the SEBI Act 1992, the board promulgated the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1994 (colloquially, the "Takeover Code"), governing takeovers, including a mandatory bid rule. A subsequent review committee chaired by former chief justice <a href="/wiki/P._N._Bhagwati" title="P. N. Bhagwati">P. N. Bhagwati</a> recommended the repeal of the 1994 regulations and their replacement by the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997. A third review led by Securities Appellate Tribunal chief C. Achuthan led to the replacement of the 1997 regulations by the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The mandatory bid provided for under the Takeover Code is a partial bid: it requires acquiring companies exceeding the shareholding threshold to offer to purchase some portion of the outstanding shares rather than all of them. Under the 1997 Takeover Code, the shareholding threshold was 15%; once exceeded, the acquirer would have to make an offer to purchase 20% of the outstanding shares. Under the 2011 Takeover Code, these percentages were raised to 20% and 26% respectively.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> The 2011 Takeover Code also provides for further mandatory bids by an incumbent who holds between 25% and 75% of a target upon an increase in holdings of at least 5% during a <a href="/wiki/Financial_year" class="mw-redirect" title="Financial year">financial year</a>.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="South_Korea">South Korea</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=10" title="Edit section: South Korea"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>South Korea enacted a partial mandatory offer rule in January 1997 by an amendment to the <a href="/w/index.php?title=Securities_and_Exchange_Law_(South_Korea)&action=edit&redlink=1" class="new" title="Securities and Exchange Law (South Korea) (page does not exist)">Securities and Exchange Law</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://ko.wikipedia.org/wiki/%EC%A6%9D%EA%B6%8C%EA%B1%B0%EB%9E%98%EB%B2%95" class="extiw" title="ko:증권거래법">ko</a>]</span>.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Under the rule, an acquirer which reached a 25% shareholding threshold would then have to make a bid to increase its holdings to a total amount defined by regulations; the subsequent regulatory update which took effect in April 1997 set the total amount to 50% plus one of the outstanding shares.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> However, as the <a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">financial crisis which began that year</a> deepened, the rule was repealed the following year under <a href="/wiki/South_Korea_and_the_International_Monetary_Fund#Intervention" title="South Korea and the International Monetary Fund">pressure from the International Monetary Fund</a> and the <a href="/wiki/International_Bank_for_Reconstruction_and_Development" title="International Bank for Reconstruction and Development">International Bank for Reconstruction and Development</a>, who believed that the rule could deter takeover bids against companies in financial distress.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Taiwan">Taiwan</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=11" title="Edit section: Taiwan"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Though the United States is the main model for Taiwan's mergers and acquisitions laws, Taiwan adopted a partial mandatory offer requirement in 2002 in Article 43-1 of the <a href="/w/index.php?title=Securities_and_Exchange_Act_(Taiwan)&action=edit&redlink=1" class="new" title="Securities and Exchange Act (Taiwan) (page does not exist)">Securities and Exchange Act</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://zh.wikipedia.org/wiki/%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%B3%95_(%E4%B8%AD%E8%8F%AF%E6%B0%91%E5%9C%8B)" class="extiw" title="zh:證券交易法 (中華民國)">zh</a>]</span>. The mechanics of the rule were largely based on United Kingdom and Hong Kong rules, although Taiwan requires only a partial offer to purchase outstanding shares, rather than the full offer required in the United Kingdom and Hong Kong.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Europe">Europe</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=12" title="Edit section: Europe"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="European_Union_directive">European Union directive</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=13" title="Edit section: European Union directive"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Among <a href="/wiki/Member_states_of_the_European_Union" class="mw-redirect" title="Member states of the European Union">member states of the European Union</a>, the 2004 <a href="/wiki/Takeover_Directive" title="Takeover Directive">Takeover Directive</a> specifies general standards for national takeover legislation, including a mandatory offer rule, though the choice of threshold is left to individual states.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Germany">Germany</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=14" title="Edit section: Germany"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In Germany, mandatory offers are required under the <a href="/w/index.php?title=Public_Takeover_Act&action=edit&redlink=1" class="new" title="Public Takeover Act (page does not exist)">Public Takeover Act</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://de.wikipedia.org/wiki/Wertpapiererwerbs-_und_%C3%9Cbernahmegesetz" class="extiw" title="de:Wertpapiererwerbs- und Übernahmegesetz">de</a>]</span>.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> An acquiring company must make a mandatory offer upon achieving a "controlling interest" in the target, defined by § 35 of the act as a thirty percent direct or indirect shareholding. Upon reaching this threshold, the acquiring company must notify the target company and the <a href="/wiki/Federal_Financial_Supervisory_Authority" title="Federal Financial Supervisory Authority">Federal Financial Supervisory Authority</a>, and make an offer in the form specified by § 11 of the act and its regulations to acquire the remaining shares.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="France">France</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=15" title="Edit section: France"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>France adopted a partial mandatory offer rule in 1989: it obligated the acquirer to offer to purchase two-thirds of the outstanding shares. In the 1990s, France's rule was expanded to require an offer to purchase 100% of outstanding shares.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> As of 2020, a mandatory offer is required when the threshold of 30% is reached, and the mandatory tender offer price must be at least the highest price paid by the bidder for securities of the target during the 12-month period preceding the crossing of the 30% threshold. In addition, a bidder launching a tender offer for a French target must extend its offer to any listed subsidiary of the target.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Sweden">Sweden</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=16" title="Edit section: Sweden"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Sweden adopted a mandatory offer rule in 1999.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Turkey">Turkey</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=17" title="Edit section: Turkey"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The legal framework governing mandatory offers in Turkish law was established by Article 26(1) of the Capital Markets Law (<span title="Turkish-language text"><i lang="tr">Sermaye Piyasası Kanunu</i></span>, Law No. 6362 of 1981), authorising the <a href="/w/index.php?title=Turkish_Capital_Markets_Board&action=edit&redlink=1" class="new" title="Turkish Capital Markets Board (page does not exist)">Turkish Capital Markets Board</a> to promulgate regulations governing mandatory offers. The first such regulations, the Communiqué on Principles Regarding Takeover Bids (Serial: IV, No. 44), were superseded in 2014 by the Communiqué on Tender Offers No II-26.1.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Mandatory_offer&action=edit&section=18" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://uk.practicallaw.thomsonreuters.com/1-518-5074?transitionType=Default&contextData=(sc.Default)">"Stakebuilding, mandatory offers and squeeze-out comparative table"</a>. Thomson Reuters. 1 October 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">23 December</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Stakebuilding%2C+mandatory+offers+and+squeeze-out+comparative+table&rft.pub=Thomson+Reuters&rft.date=2017-10-01&rft_id=https%3A%2F%2Fuk.practicallaw.thomsonreuters.com%2F1-518-5074%3FtransitionType%3DDefault%26contextData%3D%28sc.Default%29&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchultz2012" class="citation book cs1">Schultz, Martin (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=gBTDtqdQwe4C&pg=PA126"><i>The Law of Business Organizations: A Concise Overview of German Corporate Law</i></a>. Springer. pp. 123–126. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9783642177934" title="Special:BookSources/9783642177934"><bdi>9783642177934</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Law+of+Business+Organizations%3A+A+Concise+Overview+of+German+Corporate+Law&rft.pages=123-126&rft.pub=Springer&rft.date=2012&rft.isbn=9783642177934&rft.aulast=Schultz&rft.aufirst=Martin&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DgBTDtqdQwe4C%26pg%3DPA126&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVernimmenQuiryDallocchioLe_Fur2014" class="citation book cs1">Vernimmen, Pierre; Quiry, Pascal; Dallocchio, Maurizio; Le Fur, Yann; Salvi, Antonio (2014). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=smnIBAAAQBAJ&pg=PA810"><i>Corporate Finance: Theory and Practice</i></a>. Wiley. p. 810. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781118849293" title="Special:BookSources/9781118849293"><bdi>9781118849293</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Corporate+Finance%3A+Theory+and+Practice&rft.pages=810&rft.pub=Wiley&rft.date=2014&rft.isbn=9781118849293&rft.aulast=Vernimmen&rft.aufirst=Pierre&rft.au=Quiry%2C+Pascal&rft.au=Dallocchio%2C+Maurizio&rft.au=Le+Fur%2C+Yann&rft.au=Salvi%2C+Antonio&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DsmnIBAAAQBAJ%26pg%3DPA810&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHertigKanda2004" class="citation book cs1">Hertig, Gerard; Kanda, Hideki (2004). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=CrE1GTRdGkgC&pg=PA186">"Issuers and Investor Protection"</a>. <i>The Anatomy of Corporate Law: A Comparative and Functional Approach</i>. Oxford University Press. p. 186. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780199260645" title="Special:BookSources/9780199260645"><bdi>9780199260645</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Issuers+and+Investor+Protection&rft.btitle=The+Anatomy+of+Corporate+Law%3A+A+Comparative+and+Functional+Approach&rft.pages=186&rft.pub=Oxford+University+Press&rft.date=2004&rft.isbn=9780199260645&rft.aulast=Hertig&rft.aufirst=Gerard&rft.au=Kanda%2C+Hideki&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DCrE1GTRdGkgC%26pg%3DPA186&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNenova2006" class="citation web cs1">Nenova, Tatiana (October 2006). <a rel="nofollow" class="external text" href="http://documents1.worldbank.org/curated/en/538361468323369802/pdf/wps4029.pdf">"Takeover Laws and Financial Development"</a> <span class="cs1-format">(PDF)</span>. World Bank Policy Research Working Paper. p. 9.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Takeover+Laws+and+Financial+Development&rft.series=World+Bank+Policy+Research+Working+Paper&rft.pages=9&rft.date=2006-10&rft.aulast=Nenova&rft.aufirst=Tatiana&rft_id=http%3A%2F%2Fdocuments1.worldbank.org%2Fcurated%2Fen%2F538361468323369802%2Fpdf%2Fwps4029.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVentoruzzo2006" class="citation journal cs1">Ventoruzzo, Marco (2006). <a rel="nofollow" class="external text" href="https://elibrary.law.psu.edu/cgi/viewcontent.cgi?httpsredir=1&article=1284&context=fac_works">"Europe's Thirteenth Directive and U.S. Takeover Regulation: Regulatory Means and Political Economic Ends"</a>. <i>Texas International Law Journal</i>. <b>141</b>: 195–196.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Texas+International+Law+Journal&rft.atitle=Europe%27s+Thirteenth+Directive+and+U.S.+Takeover+Regulation%3A+Regulatory+Means+and+Political+Economic+Ends&rft.volume=141&rft.pages=195-196&rft.date=2006&rft.aulast=Ventoruzzo&rft.aufirst=Marco&rft_id=https%3A%2F%2Felibrary.law.psu.edu%2Fcgi%2Fviewcontent.cgi%3Fhttpsredir%3D1%26article%3D1284%26context%3Dfac_works&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBennedsenMeisner_NielsenVester_Nielsen2012" class="citation journal cs1">Bennedsen, Morten; Meisner Nielsen, Kasper; Vester Nielsen, Thomas (2012). "Private Contracting and Corporate Governance: Evidence from the Provision of Tag-Along Rights in Brazil". <i>Journal of Corporate Finance</i>. <b>12</b> (4): 904–918. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.jcorpfin.2011.03.007">10.1016/j.jcorpfin.2011.03.007</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1779845">1779845</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Corporate+Finance&rft.atitle=Private+Contracting+and+Corporate+Governance%3A+Evidence+from+the+Provision+of+Tag-Along+Rights+in+Brazil&rft.volume=12&rft.issue=4&rft.pages=904-918&rft.date=2012&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1779845%23id-name%3DSSRN&rft_id=info%3Adoi%2F10.1016%2Fj.jcorpfin.2011.03.007&rft.aulast=Bennedsen&rft.aufirst=Morten&rft.au=Meisner+Nielsen%2C+Kasper&rft.au=Vester+Nielsen%2C+Thomas&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a href="#CITEREFBennedsenMeisner_NielsenVester_Nielsen2012">Bennedsen, Meisner Nielsen & Vester Nielsen 2012</a>, p. 905</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKenyon-Slade2004" class="citation book cs1">Kenyon-Slade, Stephen (2004). <i>Mergers and Takeovers in the US and UK: Law and Practice</i>. Oxford University Press. pp. 676–691. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780198260516" title="Special:BookSources/9780198260516"><bdi>9780198260516</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Mergers+and+Takeovers+in+the+US+and+UK%3A+Law+and+Practice&rft.pages=676-691&rft.pub=Oxford+University+Press&rft.date=2004&rft.isbn=9780198260516&rft.aulast=Kenyon-Slade&rft.aufirst=Stephen&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span> Cited in <a href="#CITEREFChu2017">Chu 2017</a>, p. 316.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCai2011" class="citation journal cs1">Cai, Wei (December 2011). "The Mandatory Bid Rule in China". <i>European Business Organization Law Review</i>. <b>12</b> (4): 653–680. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2604568">2604568</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=European+Business+Organization+Law+Review&rft.atitle=The+Mandatory+Bid+Rule+in+China&rft.volume=12&rft.issue=4&rft.pages=653-680&rft.date=2011-12&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D2604568%23id-name%3DSSRN&rft.aulast=Cai&rft.aufirst=Wei&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span>, p. 653. For more detailed treatment, see the author's doctoral dissertation: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1">Cai, Wei (2011). <i>The mandatory bid rule, hostile takeovers and takeover defences in China</i>. Dissertation for the degree of Doctor of Legal Studies. University of Hong Kong. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.5353%2Fth_b4696839">10.5353/th_b4696839</a> (inactive 1 November 2024).</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+mandatory+bid+rule%2C+hostile+takeovers+and+takeover+defences+in+China&rft.series=Dissertation+for+the+degree+of+Doctor+of+Legal+Studies&rft.pub=University+of+Hong+Kong&rft.date=2011&rft_id=info%3Adoi%2F10.5353%2Fth_b4696839&rft.aulast=Cai&rft.aufirst=Wei&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_book" title="Template:Cite book">cite book</a>}}</code>: CS1 maint: DOI inactive as of November 2024 (<a href="/wiki/Category:CS1_maint:_DOI_inactive_as_of_November_2024" title="Category:CS1 maint: DOI inactive as of November 2024">link</a>)</span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFZhuTang2018" class="citation journal cs1">Zhu, Ciyun; Tang, Linyao (2018). <a rel="nofollow" class="external text" href="http://www.tsinghuachinalawreview.org/articles/PDF/TCLR_1002_ZHUTANG.pdf">"Limitations of Legal Transplantation: The Comparison of Tender Offer Regulations between China and Western Countries"</a> <span class="cs1-format">(PDF)</span>. <i>Tsinghua China Law Review</i>. <b>10</b> (2): 275.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Tsinghua+China+Law+Review&rft.atitle=Limitations+of+Legal+Transplantation%3A+The+Comparison+of+Tender+Offer+Regulations+between+China+and+Western+Countries&rft.volume=10&rft.issue=2&rft.pages=275&rft.date=2018&rft.aulast=Zhu&rft.aufirst=Ciyun&rft.au=Tang%2C+Linyao&rft_id=http%3A%2F%2Fwww.tsinghuachinalawreview.org%2Farticles%2FPDF%2FTCLR_1002_ZHUTANG.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><a href="#CITEREFCai2011">Cai 2011</a>, p. 655, citing Article 48, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation report cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.csrc.gov.cn/pub/newsite/ssb/ssflfg/xzfgjwj/200906/t20090623_108100.html">股票发行与交易管理暂行条例</a> [Tentative Regulations on the Administration of the Issuing and Trading of Shares] (State Council Order 112) (in Chinese). 22 April 1993.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=%E8%82%A1%E7%A5%A8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%BA%A4%E6%98%93%E7%AE%A1%E7%90%86%E6%9A%82%E8%A1%8C%E6%9D%A1%E4%BE%8B&rft.date=1993-04-22&rft_id=http%3A%2F%2Fwww.csrc.gov.cn%2Fpub%2Fnewsite%2Fssb%2Fssflfg%2Fxzfgjwj%2F200906%2Ft20090623_108100.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><a href="#CITEREFCai2011">Cai 2011</a>, p. 656, citing Articles 23–24 and 49, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation report cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.csrc.gov.cn/pub/newsite/fujian_file/baipishu/2002/200201.09.pdf#page=7">上市公司收購管理辦法</a> [Regulations on Takeovers of Companies Listed in China] <span class="cs1-format">(PDF)</span> (China Securities Regulatory Commission Order 11) (in Chinese). 28 September 2002.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E6%94%B6%E8%B3%BC%E7%AE%A1%E7%90%86%E8%BE%A6%E6%B3%95&rft.date=2002-09-28&rft_id=http%3A%2F%2Fwww.csrc.gov.cn%2Fpub%2Fnewsite%2Ffujian_file%2Fbaipishu%2F2002%2F200201.09.pdf%23page%3D7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a href="#CITEREFCai2011">Cai 2011</a>, p. 658 and <a href="#CITEREFZhuTang2018">Zhu & Tang 2018</a>, p. 281</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAu1987" class="citation journal cs1">Au, Alan (1987). <a rel="nofollow" class="external text" href="https://heinonline.org/HOL/LandingPage?handle=hein.journals/honkon17&div=9&id=&page=">"Hong Kong Code on Takeovers and Mergers: Toothless Watchdog or Handmaiden of Equality?"</a>. <i>Hong Kong Law Journal</i>. <b>17</b>: 24.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Hong+Kong+Law+Journal&rft.atitle=Hong+Kong+Code+on+Takeovers+and+Mergers%3A+Toothless+Watchdog+or+Handmaiden+of+Equality%3F&rft.volume=17&rft.pages=24&rft.date=1987&rft.aulast=Au&rft.aufirst=Alan&rft_id=https%3A%2F%2Fheinonline.org%2FHOL%2FLandingPage%3Fhandle%3Dhein.journals%2Fhonkon17%26div%3D9%26id%3D%26page%3D&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://en-rules.hkex.com.hk/sites/default/files/net_file_store/new_rulebooks/c/o/consol_mb.pdf">"Consolidated Main Board Listing Rules"</a> <span class="cs1-format">(PDF)</span>. Hong Kong Stock Exchange. 6 July 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">20 August</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Consolidated+Main+Board+Listing+Rules&rft.pub=Hong+Kong+Stock+Exchange&rft.date=2019-07-06&rft_id=https%3A%2F%2Fen-rules.hkex.com.hk%2Fsites%2Fdefault%2Ffiles%2Fnet_file_store%2Fnew_rulebooks%2Fc%2Fo%2Fconsol_mb.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVarottil2017" class="citation book cs1">Varottil, Umakanth (2017). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=UBs3DwAAQBAJ&pg=PA347">"The Nature of the Market for Corporate Control in India"</a>. In Varottil, Umakanth; Wan, Wai Yee (eds.). <i>Comparative Takeover Regulation: Global and Asian Perspectives</i>. Cambridge University Press. p. 347. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781107195271" title="Special:BookSources/9781107195271"><bdi>9781107195271</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Nature+of+the+Market+for+Corporate+Control+in+India&rft.btitle=Comparative+Takeover+Regulation%3A+Global+and+Asian+Perspectives&rft.pages=347&rft.pub=Cambridge+University+Press&rft.date=2017&rft.isbn=9781107195271&rft.aulast=Varottil&rft.aufirst=Umakanth&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DUBs3DwAAQBAJ%26pg%3DPA347&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLaskarMohan2011" class="citation news cs1">Laskar, Anirudh; Mohan, Vyas (29 July 2011). <a rel="nofollow" class="external text" href="https://www.livemint.com/Politics/JpNtBUVruCRadEdslrPVAO/India-raises-threshold-for-mandatory-takeover-offer.html">"India raises threshold for mandatory takeover offer"</a>. <i>LiveMint</i><span class="reference-accessdate">. Retrieved <span class="nowrap">20 August</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=LiveMint&rft.atitle=India+raises+threshold+for+mandatory+takeover+offer&rft.date=2011-07-29&rft.aulast=Laskar&rft.aufirst=Anirudh&rft.au=Mohan%2C+Vyas&rft_id=https%3A%2F%2Fwww.livemint.com%2FPolitics%2FJpNtBUVruCRadEdslrPVAO%2FIndia-raises-threshold-for-mandatory-takeover-offer.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><a href="#CITEREFVarottil2017">Varottil 2017</a>, p. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=UBs3DwAAQBAJ&pg=PA355">355</a></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKim2014" class="citation journal cs1 cs1-prop-script">Kim, Hong-sik (June 2014). <a rel="nofollow" class="external text" href="http://scc.sogang.ac.kr/Download?pathStr=NTcjIzUzIyM5NSMjNDgjIzQ5IyM5OCMjOTUjIzExNSMjMTE2IyMxMTUjIzEwNSMjMTA4IyM5NSMjNTAjIzQ4IyM0OCMjMTA4IyM5NyMjMTEwIyMxMTQjIzExNyMjMTExIyMxMDYjIzk1IyMxMDgjIzk3IyMxMTAjIzExNCMjMTE3IyMxMTEjIzEwNiMjNDcjIzExNiMjMTE1IyMxMTAjIzEwNSMjMTE5IyM5NyMjMTA4IyM5NSMjMTE1IyMxMDEjIzExNiMjMTA1IyMxMTUjIzQ3IyMxMTUjIzk4IyM5OCMjNDcjIzEyNCMjMTA0IyMxMTYjIzk3IyM4MCMjMTAxIyMxMDgjIzEwNSMjMTAyIyMzNSMjMzMjIzM1IyM0OSMjMTI0IyMxMjAjIzEwMSMjMTAwIyMxMTAjIzEwNSMjMzUjIzMzIyMzNSMjNDkjIzEyNCMjMTAwIyMxMDUjIzEwNyMjMTEy&fileName=4.+%EA%B9%80%ED%99%8D%EC%8B%9D.pdf&gubun=oldbbs"><bdi lang="ko">우리나라의 공개매수제도에 관한 연혁적 검토</bdi></a> [A historical review of the public tender system in our country]. <i>Sogang Journal of Law and Business</i>. <b>4</b> (1): 97.</cite><span 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class="Z3988"></span></span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><a href="#CITEREFKim2014">Kim 2014</a>, p. 98, citing Article 21 of the <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation report cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://law.go.kr/lsInfoP.do?lsiSeq=15956&ancYd=19970113&ancNo=05254&efYd=19970401&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202&ancYnChk=0#0000">증권거래법</a> [Securities and Exchange Law] (As Amended by Law 5254) (in Korean). 13 January 1997.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=%EC%A6%9D%EA%B6%8C%EA%B1%B0%EB%9E%98%EB%B2%95&rft.date=1997-01-13&rft_id=http%3A%2F%2Flaw.go.kr%2FlsInfoP.do%3FlsiSeq%3D15956%26ancYd%3D19970113%26ancNo%3D05254%26efYd%3D19970401%26nwJoYnInfo%3DN%26efGubun%3DY%26chrClsCd%3D010202%26ancYnChk%3D0%230000&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span> Article 11-2 of the <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation report cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="http://www.law.go.kr/LSW//lsInfoP.do?lsiSeq=29903&ancYd=19970322&ancNo=15312&efYd=19970401&nwJoYnInfo=N&efGubun=Y&chrClsCd=010202&ancYnChk=0">증권거래법시행령</a> [Securities and Exchange Law Implementation Order] (As Amended by Order 15312) (in Korean). 22 March 1997.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=report&rft.btitle=%EC%A6%9D%EA%B6%8C%EA%B1%B0%EB%9E%98%EB%B2%95%EC%8B%9C%ED%96%89%EB%A0%B9&rft.date=1997-03-22&rft_id=http%3A%2F%2Fwww.law.go.kr%2FLSW%2F%2FlsInfoP.do%3FlsiSeq%3D29903%26ancYd%3D19970322%26ancNo%3D15312%26efYd%3D19970401%26nwJoYnInfo%3DN%26efGubun%3DY%26chrClsCd%3D010202%26ancYnChk%3D0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRho2017" class="citation book cs1">Rho, Hyeok-Joon (2017). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=UBs3DwAAQBAJ&pg=PA217">"M&A in Korea: Continuing Concern for Minority Shareholders"</a>. 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Cambridge University Press. p. 293. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781107195271" title="Special:BookSources/9781107195271"><bdi>9781107195271</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=M%26A+in+Korea%3A+Continuing+Concern+for+Minority+Shareholders&rft.btitle=Comparative+Takeover+Regulation%3A+Global+and+Asian+Perspectives&rft.pages=293&rft.pub=Cambridge+University+Press&rft.date=2017&rft.isbn=9781107195271&rft.aulast=Rho&rft.aufirst=Hyeok-Joon&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DUBs3DwAAQBAJ%26pg%3DPA217&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlackMetzgerO'BrienShin2001" class="citation journal cs1">Black, Bernard; Metzger, Barry; O'Brien, Timothy J.; Shin, Young-Moo (2001). <a rel="nofollow" class="external text" href="http://www2.law.columbia.edu/course_00S_L9436_001/2004/CORPORATE%20GOVERNANCE%20IN%20KOREA.pdf">"Corporate Governance in Korea at the Millenium: Enhancing International Competitiveness"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Corporation Law</i>. <b>26</b> (Spring): 605–606.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Corporation+Law&rft.atitle=Corporate+Governance+in+Korea+at+the+Millenium%3A+Enhancing+International+Competitiveness&rft.volume=26&rft.issue=Spring&rft.pages=605-606&rft.date=2001&rft.aulast=Black&rft.aufirst=Bernard&rft.au=Metzger%2C+Barry&rft.au=O%27Brien%2C+Timothy+J.&rft.au=Shin%2C+Young-Moo&rft_id=http%3A%2F%2Fwww2.law.columbia.edu%2Fcourse_00S_L9436_001%2F2004%2FCORPORATE%2520GOVERNANCE%2520IN%2520KOREA.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChu2017" class="citation book cs1">Chu, Claire Te-fang (2017). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=UBs3DwAAQBAJ&pg=PA240">"Takeover laws and practices in Taiwan"</a>. In Varottil, Umakanth; Wan, Wai Yee (eds.). <i>Comparative Takeover Regulation: Global and Asian Perspectives</i>. Cambridge University Press. p. 315. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781107195271" title="Special:BookSources/9781107195271"><bdi>9781107195271</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Takeover+laws+and+practices+in+Taiwan&rft.btitle=Comparative+Takeover+Regulation%3A+Global+and+Asian+Perspectives&rft.pages=315&rft.pub=Cambridge+University+Press&rft.date=2017&rft.isbn=9781107195271&rft.aulast=Chu&rft.aufirst=Claire+Te-fang&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DUBs3DwAAQBAJ%26pg%3DPA240&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><a href="#CITEREFVentoruzzo2006">Ventoruzzo 2006</a></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><a href="#CITEREFSchultz2012">Schultz 2012</a>, pp. 124</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><a href="#CITEREFSchultz2012">Schultz 2012</a>, pp. 126</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a href="#CITEREFHertigKanda2004">Hertig & Kanda 2004</a>, p. 186</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGrumbergAttar-RezvaniZikaSkadden_Arps_Slate_Meagher_&_Flom2020" class="citation web cs1">Grumberg, Armand W; Attar-Rezvani, Arash; Zika, Julien; <a href="/wiki/Skadden_Arps_Slate_Meagher_%26_Flom" class="mw-redirect" title="Skadden Arps Slate Meagher & Flom">Skadden Arps Slate Meagher & Flom</a> (1 March 2020). <a rel="nofollow" class="external text" href="https://uk.practicallaw.thomsonreuters.com/4-502-1646?originationContext=document&transitionType=DocumentItem&contextData=%28sc.Default%29&comp=pluk">"Public mergers and acquisitions in France: overview"</a>. Thomson Reuters<span class="reference-accessdate">. Retrieved <span class="nowrap">25 December</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Public+mergers+and+acquisitions+in+France%3A+overview&rft.pub=Thomson+Reuters&rft.date=2020-03-01&rft.aulast=Grumberg&rft.aufirst=Armand+W&rft.au=Attar-Rezvani%2C+Arash&rft.au=Zika%2C+Julien&rft.au=Skadden+Arps+Slate+Meagher+%26+Flom&rft_id=https%3A%2F%2Fuk.practicallaw.thomsonreuters.com%2F4-502-1646%3ForiginationContext%3Ddocument%26transitionType%3DDocumentItem%26contextData%3D%2528sc.Default%2529%26comp%3Dpluk&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><a href="#CITEREFHertigKanda2004">Hertig & Kanda 2004</a>, p. 186</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGürkaynakYukarucYetim2021" class="citation news cs1">Gürkaynak, Gönenç; Yukaruc, Nazli; Yetim, Irmak (8 March 2021). <a rel="nofollow" class="external text" href="https://www.mondaq.com/turkey/shareholders/1044204/the-changes-proposed-by-the-draft-communiqu-to-the-tender-offer-procedures-in-turkey">"Turkey: The Changes Proposed By The Draft Communiqué To The Tender Offer Procedures In Turkey"</a>. <i><a href="/wiki/Mondaq" title="Mondaq">Mondaq</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">8 September</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Mondaq&rft.atitle=Turkey%3A+The+Changes+Proposed+By+The+Draft+Communiqu%C3%A9+To+The+Tender+Offer+Procedures+In+Turkey&rft.date=2021-03-08&rft.aulast=G%C3%BCrkaynak&rft.aufirst=G%C3%B6nen%C3%A7&rft.au=Yukaruc%2C+Nazli&rft.au=Yetim%2C+Irmak&rft_id=https%3A%2F%2Fwww.mondaq.com%2Fturkey%2Fshareholders%2F1044204%2Fthe-changes-proposed-by-the-draft-communiqu-to-the-tender-offer-procedures-in-turkey&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTuranŞahanBezirci2020" class="citation web cs1">Turan, M. Togan; Şahan, Ökkeş; Bezirci, Nazlı (1 April 2020). <a rel="nofollow" class="external text" href="https://uk.practicallaw.thomsonreuters.com/7-502-1013?transitionType=Default&contextData=(sc.Default)&firstPage=true">"Public mergers and acquisitions in Turkey: overview"</a>. Thomson Reuters<span class="reference-accessdate">. Retrieved <span class="nowrap">8 September</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Public+mergers+and+acquisitions+in+Turkey%3A+overview&rft.pub=Thomson+Reuters&rft.date=2020-04-01&rft.aulast=Turan&rft.aufirst=M.+Togan&rft.au=%C5%9Eahan%2C+%C3%96kke%C5%9F&rft.au=Bezirci%2C+Nazl%C4%B1&rft_id=https%3A%2F%2Fuk.practicallaw.thomsonreuters.com%2F7-502-1013%3FtransitionType%3DDefault%26contextData%3D%28sc.Default%29%26firstPage%3Dtrue&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMandatory+offer" class="Z3988"></span></span> </li> </ol></div></div> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline 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banking</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Convertible_bond" title="Convertible bond">Convertible debt</a></li> <li><a href="/wiki/Exchangeable_bond" title="Exchangeable bond">Exchangeable debt</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine debt</a></li> <li><a href="/wiki/Pari_passu#In_lending,_bankruptcy_and_default" title="Pari passu">Pari passu</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred equity</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien debt</a></li> <li><a href="/wiki/Senior_debt" title="Senior debt">Senior debt</a></li> <li><a href="/wiki/Secured_loan" title="Secured loan">Senior secured debt</a></li> <li><a href="/wiki/Shareholder_loan" title="Shareholder loan">Shareholder loan</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Subordinated_debt" title="Subordinated debt">Subordinated debt</a></li> <li><a href="/wiki/Warrant_(finance)" title="Warrant (finance)">Warrant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;">Transactions<br /><span class="nobold">(terms/conditions)</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Public_offering" title="Public offering">Equity offerings</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-the-market_offering" title="At-the-market offering">At-the-market offering</a></li> <li><a href="/wiki/Book_building" title="Book building">Book building</a></li> <li><a href="/wiki/Bookrunner" title="Bookrunner">Bookrunner</a></li> <li><a href="/wiki/Bought_deal" title="Bought deal">Bought deal</a></li> <li><a href="/wiki/Bought_out_deal" title="Bought out deal">Bought out deal</a></li> <li><a href="/wiki/Corporate_spin-off" title="Corporate spin-off">Corporate spin-off</a></li> <li><a href="/wiki/Direct_public_offering" title="Direct public offering">Direct public offering</a></li> <li><a href="/wiki/Equity_carve-out" title="Equity carve-out">Equity carve-out</a></li> <li><a href="/wiki/Follow-on_offering" title="Follow-on offering">Follow-on offering</a></li> <li><a href="/wiki/Greenshoe" title="Greenshoe">Greenshoe</a> <ul><li><a href="/wiki/Reverse_greenshoe" class="mw-redirect" title="Reverse greenshoe">Reverse</a></li></ul></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a></li> <li><a href="/wiki/Pre-IPO" title="Pre-IPO">Pre-IPO</a></li> <li><a href="/wiki/Private_placement" title="Private placement">Private placement</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rights_issue" title="Rights issue">Rights issue</a></li> <li><a href="/wiki/Seasoned_equity_offering" title="Seasoned equity offering">Seasoned equity offering</a></li> <li><a href="/wiki/Secondary_market_offering" title="Secondary market offering">Secondary market offering</a></li> <li><a href="/wiki/Underwriting" title="Underwriting">Underwriting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and<br />acquisitions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buy_side" title="Buy side">Buy side</a></li> <li><a href="/wiki/Contingent_value_rights" title="Contingent value rights">Contingent value rights</a></li> <li><a href="/wiki/Control_premium" title="Control premium">Control premium</a></li> <li><a href="/wiki/Demerger" title="Demerger">Demerger</a></li> <li><a href="/wiki/Divestment" title="Divestment">Divestment</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Management_due_diligence" title="Management due diligence">Management due diligence</a></li> <li><a href="/wiki/Managerial_entrenchment" class="mw-redirect" title="Managerial entrenchment">Managerial entrenchment</a></li> <li><a class="mw-selflink selflink">Mandatory offer</a></li> <li><a href="/wiki/Minority_discount" title="Minority discount">Minority discount</a></li> <li><a href="/wiki/Pitch_book" title="Pitch book">Pitch book</a></li> <li><a href="/wiki/Pre-emption_right" title="Pre-emption right">Pre-emption right</a></li> <li><a href="/wiki/Proxy_fight" title="Proxy fight">Proxy fight</a></li> <li><a href="/wiki/Post-merger_integration" title="Post-merger integration">Post-merger integration</a></li> <li><a href="/wiki/Sell_side" title="Sell side">Sell side</a></li> <li><a href="/wiki/Shareholder_rights_plan" title="Shareholder rights plan">Shareholder rights plan</a></li> <li><a href="/wiki/Special-purpose_entity" title="Special-purpose entity">Special-purpose entity</a></li> <li><a href="/wiki/Special_situation" title="Special situation">Special situation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Staggered_board_of_directors" class="mw-redirect" title="Staggered board of directors">Staggered board of directors</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Super-majority_amendment" class="mw-redirect" title="Super-majority amendment">Super-majority amendment</a></li> <li><a href="/wiki/Corporate_synergy" title="Corporate synergy">Synergy</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Takeover" title="Takeover">Takeover</a> <ul><li><a href="/wiki/Reverse_takeover" title="Reverse takeover">Reverse</a></li></ul></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em;"><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Debt_restructuring" title="Debt restructuring">Debt restructuring</a></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li> <li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged buyout</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Private_equity" title="Private equity">Private equity</a></li> <li><a href="/wiki/Project_finance" title="Project finance">Project finance</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;line-height:1.3em; text-align:left;"><a href="/wiki/Valuation_(finance)" title="Valuation (finance)">Valuation</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accretion/dilution_analysis" title="Accretion/dilution analysis">Accretion/dilution analysis</a></li> <li><a href="/wiki/Adjusted_present_value" title="Adjusted present value">Adjusted present value</a></li> <li><a href="/wiki/Associate_company" title="Associate company">Associate company</a></li> <li><a href="/wiki/Business_valuation" title="Business valuation">Business valuation</a></li> <li><a href="/wiki/Conglomerate_discount" title="Conglomerate discount">Conglomerate discount</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a> <ul><li><a href="/wiki/Weighted_average_cost_of_capital" title="Weighted average cost of capital">Weighted average</a></li></ul></li> <li><a href="/wiki/Discounted_cash_flow" title="Discounted cash flow">Discounted cash flow</a></li> <li><a href="/wiki/Economic_value_added" title="Economic value added">Economic value added</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Fairness_opinion" title="Fairness opinion">Fairness opinion</a></li> <li><a href="/wiki/Financial_modeling" title="Financial modeling">Financial modeling</a></li> <li><a href="/wiki/Free_cash_flow" title="Free cash flow">Free cash flow</a> <ul><li><a href="/wiki/Free_cash_flow_to_equity" title="Free cash flow to equity">Free cash flow to equity</a></li></ul></li> <li><a href="/wiki/Market_value_added" title="Market value added">Market value added</a></li> <li><a href="/wiki/Minority_interest" title="Minority interest">Minority interest</a></li> <li><a href="/wiki/Mismarking" title="Mismarking">Mismarking</a></li> <li><a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a></li> <li><a href="/wiki/Net_present_value" title="Net present value">Net present value</a></li> <li><a href="/wiki/Pure_play#Pure_play_method" title="Pure play">Pure play</a></li> <li><a href="/wiki/Real_options_valuation" title="Real options valuation">Real options</a></li> <li><a href="/wiki/Residual_income_valuation" title="Residual income valuation">Residual income</a></li> <li><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></li> <li><a href="/wiki/Sum-of-the-parts_analysis" title="Sum-of-the-parts analysis">Sum-of-the-parts analysis</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Terminal_value_(finance)" title="Terminal value (finance)">Terminal value</a></li> <li><a href="/wiki/Valuation_using_multiples" title="Valuation using multiples">Valuation using multiples</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_investment_banks" title="List of investment banks">List of investment banks</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Outline_of_finance" title="Outline of finance">Outline of finance</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a class="mw-selflink selflink">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" 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