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The mandatory bid rule in the U.S. requires a bidder with 30% ownership to extend the offer to the rest of the target shareholders at
The mandatory bid rule in the U.S. requires a bidder with 30% ownership to extend the offer to the rest of the target shareholders at the average price paid for the stock over the past 12 months. This rule is an example of one of the main principles of the highly regulated M&A process: the "fiduciary duty of the board of directors".
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