Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Acting in concert definition

What does Acting in concert mean? In practice, acting in concert describes two or more persons who, by agreement or understanding (formal or informal), coordinate their actions to acquire or strengthen control of a company, or to prevent or impede the success of a takeover offer for a target company. In the UK and Ireland, the concept is defined and applied under the UK Takeover Code and the Irish Takeover Rules, enforced by the Panel on Takeovers and Mergers and the Irish Takeover Panel (each with statutory underpinning). The Codes contain rebuttable presumptions identifying typical “concert parties” and the Panels may determine whether parties...

Acting in Concert under the UK Takeover Code: 2023 Presumptions, Control, Aggregation, Rule 9 Mandatory Offers, Disclosure Duties, and Guidance on Funds, Private Equity and Consortium Offers

Published by a LexisNexis Corporate expert

Practice notes

Produced with input from Rebecca Cousin of Slaughter and May on market practice.

This Practice Note succinctly outlines the relevant Rules and guidance concerning parties who are, or are deemed likely to be, Acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular, the note reviews the various relationships that may amount to acting in concert, the importance of Concert parties for Rule 9 of the Code, and the disclosures required in connection with stakebuilding. Stakebuilding is not prohibited by the Code, but can carry significant implications. The effects of membership of a concert party will typically be engaged under Rules 4 (Restrictions on dealings), 5 (Timing restrictions on acquisitions), 6 (Acquisitions resulting in an obligation to offer a minimum level of consideration), 8 (Disclosure of dealings and positions), 9 (The Mandatory offer and its terms) and 11 (Nature of consideration to be offered) when any of the relevant parties acquires shares...

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Web page updated on 21/05/2026

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