When is a mandatory offer required to be made?
I. Any person acquires, whether by a series of transactions over a period of time or not, 50% or more of the voting rights of a company
II. Two or more persons are acting in concert who collectively hold less than 30% of the voting rights of a company, and any one or more of them acquire voting rights, and such acquisition has the effect of increasing their collective holding of voting rights to 30% or more of the voting rights of the company
III. Two or more persons are acting in concert, and they collectively hold not less than 30%, but not more than 50%, of the voting rights of a company, and any one or more of them acquire additional voting rights, and such acquisition has the effect of increasing their collective holding of voting rights of the company by more than 2% from the lowest percentage holding of that person in the 12-month period ending on and inclusive of the date of the relevant acquisition
IV. Two or more persons are acting in concert, and they collectively hold not less than 30%, but not more than 50%, of the voting rights of a company, and any one or more of them acquire additional voting rights, and such acquisition has the effect of increasing their collective holding of voting rights of the company by more than 2% from the lowest percentage holding of that person in the 12-month period ending on and inclusive of the date of the relevant acquisition