Concert Party in United Kingdom
Definition of Concert Party
In accordance with the work A Dictionary of Law, this is a description of Concert Party : (consortium)
An agreement (which mayor may not be legally binding) between a number of people to acquire shares in a company in order to accumulate a significant holding of its voting shares. Under the Companies Act 1985 and rules administered by the Panel on Takeovers and Mergers anyone becoming interested in 3% or more of the voting shares of a public company must disclose this to the company; a member of a concert party is deemed to be interested not only in his own shares but also in those of other consortium members. Such disclosure may enable a company to counter a *takeover; it may also trigger rules relating to partial offers, which may make it necessary for the consortium to offer to buy the remaining shares.
See also sars.
Compare dawn raid.
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