A bid required to be made under Rule 9 of the Takeover Code, broadly where: any person acquires an interest in shares which (taken together with shares in which the person or any person acting in concert with that person is interested) carry 30% or more of the voting rights of a target company; or if a person, together with any concert parties, is interested in not less than 30% of the voting rights but does not hold more than 50% of the voting rights and increases its interest in shares.

Rule 9 requires a mandatory offer to be made in cash (or be accompanied by a cash alternative) and at the highest price paid by the bidder or any concert party for any interest in shares of the relevant class during the 12 months prior to the announcement of the offer.

For further information, see Practice note, Takeover Code know-how: Rule 9.