| Commentary

172 Stages of bid

| Commentary

2: BIDDING PROCEDURE—PRE-ANNOUNCEMENT PERIOD

(a) Introduction

172 Stages of bid

The procedure for putting in a bid for a target company which is a public company, as laid down by the City Code and in appropriate circumstances by the Listing Rules, falls into the following three broad stages:

  1. 172.1

        Pre-announcement: The first stage is the period during which the possibility of the bid is not common knowledge. It usually ends when an announcement of a possible or proposed offer is made in accordance with the City Code.

  2. 172.2

        Offer period: The second stage is the period

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