Minimum acquisition threshold: offer deemed successful when post-offer shareholding reaches specified threshold after prescribed exclusions.

Regulation 21 provides that an offer under Chapter III or a counter offer under regulation 22 is deemed successful when the acquirer's post-offer shareholding together with accepted public tenders reaches ninety percent of the issued shares of that class after excluding shares underlying overseas depository receipts, shares held by an Employee Benefit Trust under the Share Based Employee Benefits Regulations, 2014, and shares held by inactive shareholders; inactive shareholders must be certified by a Peer Review Company Secretary and the cut-off date is the stock exchange's in-principle approval date.

---

---

---