Where, as a result of a ‘company reorganisation’, a company obtains control of another that is operating a CSOP (the scheme company), it is possible, by agreement with the acquiring company, to roll over the options in that CSOP scheme (the old options) into new share options in the acquiring company, provided that the appropriate conditions are complied with.

(ITEPA 2003, Sch. 4, para. 26(1))

This applies, firstly, to a company reorganisation by way of a general offer:

to acquire the whole of the issued ordinary share capital of the scheme company which is conditional upon the acquiring company obtaining control, or

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