Takeover rules: why 29.9% is the magic number
Denis O'Brien has increased his stake in Independent News & Media to 29.9 per cent, the maximum permitted without making a takeover bid.
In Irish law, 29.9 per cent is the maximum shareholding permitted without making a takeover bid.
The rules governing takeover bids are set out in [The Irish Takeover Panel Act, 1997](http://www.irishtakeoverpanel.ie/wordpress/wp-content/uploads/2010/01/ITP-Takeover-Rules.pdf), which says:
*"An appropriate announcement concerning an offer or a possible offer shall be made if the Panel so directs, and specifically, unless the Panel consents otherwise, when a purchaser is being sought for a holding, or...
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