Company Law Reform Bill [HL]

My Lords, of course I am content for the noble Lord to do that, but perhaps I may invite him to consider this. The problem with the suggestion is, first, whether one would then be against the meaning of the directive. Secondly, I can see real difficulties in identifying at any moment what is 75 per cent of the market value. Do you take the value of the shares on day 1 or on the Wednesday? The fact that a breakthrough has, has not or may have taken place can in itself affect the value of the shares, and during a bid there might be a considerable movement in the value of the shares. The noble Lord’s suggestion would be difficult in practice, but I invite him to take that into account when he takes his advice.