Document ID: chunk:federal_register_of_legislation:C2004A02380:body:0:p2
Version: federal_register_of_legislation:C2004A02380
Segment Type: other
Provision Reference: 
Character Range: 2457–5212

report or statement accompanying the Part B statement; and
         (ii) in respect of any report accompanying the Part B statement—a notice in writing signed by the person or persons by whom the report is made to the effect that the person consents, or that each of those persons consents, to the report accompanying the Part B statement.".

Offeror connected with target company
9. Section 23 of the Principal Act is amended by inserting after sub-section (2) the following sub-section:

"(2a) Where—
     (a) a target company obtains a report for the purposes of compliance with sub-section (1); and
     (b) the report contains a statement to which sub-section 37 (2) or 38 (2) would apply if the statement were to be made or issued by the target company,
the report shall not be used for the purposes of compliance with sub-section (1), and, notwithstanding sub-section (2), shall not accompany the relevant Part B statement, except with the consent in writing of the Commission and in accordance with such conditions (if any) as are specified by the Commission.".

10. Section 27 of the Principal Act is repealed and the following section substituted:
Variation of take-over offers
"27. (1) An offeror may not vary a take-over offer without the consent in writing of the Commission except—
     (a) in accordance with the provisions of this section; or
     (b) where the regulations permit, either unconditionally or subject to conditions, variations of take-over offers or of a class of take-over offers in which the take-over offer is included—in accordance with the regulations.

"(2) The Commission may consent to the variation of a take-over offer either unconditionally or subject to such conditions as are specified in the instrument of consent.

"(3) Where an offeror varies an offer under a take-over scheme as mentioned in paragraph (1) (a), he shall, at the same time, make a corresponding variation to each other offer (other than an offer that has been accepted before the variation is made) under the take-over scheme.

"(4) An offeror may vary an offer under a take-over scheme by doing one or more of the following in relation to the whole or a part of the consideration that is specified in the offer as the consideration for the acquisition of the shares to which the offer relates:
     (a) where a cash sum is so specified—by increasing the amount of that sum;
     (b) where shares are, stock is, or debentures are, so specified—by specifying a cash sum in addition to the shares, stock or debentures;
     (c) where shares are so specified—by increasing the number of those shares;
     (d) where stock is so specified—by increasing the amount of that stock;

     (e) where debentures are so specified—by increasing the rate