According to the takeover code, what percentage trigger mandates a mandatory bid?

In the context of the takeover code, a mandatory bid is required when an individual or entity acquires a specific percentage of voting rights in a company. This percentage is set at 30%, meaning that once a party's holdings reach or exceed this threshold, they are obligated to make a mandatory bid for the remaining shares. This rule is designed to protect minority shareholders by ensuring they have the opportunity to sell their shares at a fair price if a controlling interest is pursued.

Options reflecting percentages lower than 30% would not meet the criteria for triggering a mandatory bid, as they do not provide enough influence over company decisions or control. Similarly, options above 30% do not serve as the threshold for the mandatory bid requirement; rather, they represent the consequences of crossing that initial threshold. Thus, 30% is the principal figure under the takeover code when discussing the obligation to make a mandatory bid.