Article 152 - Effect of requirement under Article 151
(1) The following provisions shall, subject to Article 153, have effect where a
Member exercises his rights in respect of any Shares under Article 151.
(2) The offeror shall be entitled and bound to acquire those
Shares on the terms of the offer or on such other terms as may be agreed.
(3) Where the terms of an offer are such as to give the holder of
Shares a choice of payment for his Shares the holder of the Shares may indicate his choice when requiring the offeror to acquire them and the notice given to the holder under Article 151(3):
(A) shall give particulars of the choice and of the rights conferred by this paragraph; and
(B) may state which payment specified in the offer is to be taken as applying in default of his indicating a choice
and the terms of the offer mentioned in Article 152(2) shall be determined accordingly.
(4) Article 152(3) applies whether or not any time limit or other conditions applicable to the choice under the terms of the offer can still be complied with; and if the payment chosen by the holder of the
(A) is not cash and the offeror is no longer able to make that payment; or
(B) was to have been made by a third party who is no longer bound or able to make that payment
the payment shall be taken to consist of an amount of cash payable by the offeror which at the date when the holder of the
Shares requires the offeror to acquire them is equivalent to the chosen payment.