Although partial offers are not particularly common, with only a handful made in the past several years, in some circumstances, they could be an attractive option for companies to consider. One of the most recent was the hostile partial offer by Thalassa Holdings Limited (Thalassa) for Rock Solid Images plc (RSI) in April 2012, which was likely to have been the first partial offer of its kind.

This article examines the reasons why a company might make a partial offer, the regulation of partial offers, and Thalassa’s partial offer for RSI.

REASONS FOR PARTIAL OFFERS -

Many partial offers are made in order to acquire a holding in the target company of more than 30% but less than 100% of its total voting rights, but partial offers can also be used to acquire shareholdings of less than 30%.

Originally published in the May 2013 issue of PLC Magazine.