But it's more a question of the ease or flexibility of doing it. They can do it now on-market without the hassles of pro rata. One recent takeover that would not have been affected by the code is Sky City's acquisition of Peter Francis' controlling stake in Force Corporation. Sky City paid 25c for Mr Francis' Force shares but offered the same price to all other shareholders for all their shares. None took up the offer.
Activity is also possible among unlisted companies.
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