Persons acting in concert are also known as a concert party. A group acting together in a takeover situation. As defined in the Takeover Code (the Code), persons acting in concert are persons who, pursuant to an agreement or understanding (whether formal or informal), co-operate to obtain or consolidate control of a company or to frustrate the successful outcome of an offer for a company. Control in this context means 30% of the voting rights in the target company.

A person and each of its affiliated persons will be deemed to be acting in concert with each other. The Code also presumes that certain categories of person will be acting in concert unless the contrary is shown.

Under the Disclosure Guidance and Transparency Rules (DTR) a person will also be an indirect holder of shares held by a third party where they agree that they should adopt, by concerted exercise of the voting rights they hold, a lasting common policy towards the management of the company in question (DTR 5.2.1R(a)).

For further information, see Practice notes, Takeover Code know-how: definition of acting in concert and Takeover Code know-how: Rule 9: Notes on Rule 9.1: Persons acting in concert.