With regard to takeover regulations which of the following statements is NOT TRUE?

• Creep provisions allow a company to hold greater than 20% in another company without making a takeover offer

• Global mandatory offer thresholds mean takeover offers are the most common means of obtaining control of a public company

• Substantial shareholders have to disclose every time they buy or sell shares

• Most countries have a compulsory acquisition threshold and it is typically around 90%

• An on-market takeover must be cash only but can be proportional