A reimbursement fee of approximately 0.91% of equity value, being within the Takeovers Panel Guidance Note 7 threshold of 1%, will not dissuade the Court from ordering scheme meetings where it resulted from vigorous commercial negotiations. Matching right provisions that correspond to the course a prospective bidder would expect the target to take are unlikely to deter competing bids and will not prevent the convening of scheme meetings. The two-stage judicial advice process for trust schemes by analogy with Part 5.1 company schemes continues to be accepted.
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