Section 119: Meaning of merger.

(1) A merger means any amalgamation of the undertakings or any part of the undertakings or interest of two or more companies or the undertakings or part of the undertakings of one or more companies and one or more bodies corporate.
(2) A merger contemplated in subsection (1) of this section may be achieved in any manner, including through:
(a) purchase or lease of the shares, interest or assets of the other company in question; or
(b) amalgamation or other combination with the other company in question.
(3) A person controls a company if that person:
(a) beneficially owns more than one half of the issued share capital of the company;
(b) is entitled to vote a majority of the votes that may be cast at a general meeting of the company, or has the ability to control the voting of a majority of those votes, either directly or through a controlled entity of that person;
(c) is able to appoint or to veto the appointment of a majority of the directors of the company;
(d) is a holding company, and the company is a subsidiary of that company as contemplated by the Companies and Allied Matters Act.
(e) in the case of a company that is a trust, has the ability to control the majority of the votes of the trustees, to appoint the majority of the trustees or to appoint or change the majority of the beneficiaries of the trust;
(f) has the ability to materially influence the policy of the company in a manner comparable to a person who, in ordinary commercial practice, can exercise an element of control referred to in paragraphs (a) to (e).