Rules Governing Substantial Acquisitions of Shares
The former rules issued by the Panel on Takeovers and Mergers (Panel) which were designed to restrict the speed with which a person could acquire shares (or rights over them) in a company that would give an aggregate holding of between 15% and 30% of the voting rights of the company. The SARs ceased to apply once an offer had been announced. The SARs were abolished on 20 May 2006.
For further information, see the Panel website .
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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