1.   A bidder offering cash may allow accepting shareholders to elect to receive all or a part of their consideration in loan notes of the bidder.

2.   A bidder offering cash may allow accepting shareholders to elect to receive all or a part of their consideration in shares of the bidder.

3.   A summary of the main choices of consideration and their potential impact on the offeror and accepting shareholders is set out below.

4.   This downward pressure may be increased by underwriters or accepting shareholders selling offeror shares in the market following the takeover.