Commentary

175 Investigating the target’s business

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

175 Investigating the target’s business

| Commentary

(c) Investigating the target

175 Investigating the target’s business

Before the offeror takes the step of approaching the target company, effectively tipping it off that there is a takeover bid in the offing, hopefully it will have undertaken extensive investigations into the affairs of the target. How much of this investigation takes place before the offeror approaches the target company depends upon whether the board of the target is likely to welcome the bid or to consider it hostile. If the target company is unlisted and is in favour of a sale, the examination of the target’s affairs will usually

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