Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Share definition

What does Share mean? A share is a unit of ownership in a company used to allocate control and economic benefit among shareholders in corporate governance and transactions. Company law in the UK (Companies Act 2006) and Ireland (Companies Act 2014) sets the framework for shares and shareholder rights, though the precise rights arise from statute and the company’s constitution. Key features include: a bundle of rights (typically voting, dividends, information and a share of surplus on winding up); limited liability (exposure capped at any unpaid amount on partly paid shares); transferability subject to statutory and constitutional restrictions; and legal title evidenced...

UK public takeovers: share dealings and stakebuilding before and during an offer - restrictions and obligations under the Takeover Code, UK MAR and related law

Published by a LexisNexis Corporate expert

Practice notes

Dealing in Shares and related interests

Trading in shares and associated interests of the Offeree and of any offeror or would-be offeror, whether ahead of or during an offer, can carry material weight in a public takeover, as each side looks to secure tactical or strategic leverage by building up (or divesting) positions over time if feasible. This is often most acute in contested bids, or where the offeror seeks the offeree board’s endorsement of the transaction in particular. Any securities dealings connected to a takeover bid, before, during, or after the offer period, may fall under legal and regulatory constraints that can restrict or bar such activity in whole or in part. These rules on trading in shares and related interests are extensive and intricate. Prospective offerors should familiarise themselves, well in advance of approaching a potential offeree, with the distinct yet overlapping regulatory regimes that underpin these constraints. Moreover, transactions in shares and other securities of parties to an offer may trigger disclosure under several separate legal and regulatory provisions. For more information, see Practice Note: Disclosure of interests and dealings in shares prior to and during a takeover...

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Web page updated on 21/05/2026

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