| Commentary

177.1 Duty to make announcement

| Commentary

177 Effect of the City Code

177.1 Duty to make announcement

Buying up the target’s shares may have some undesirable consequences under the City Code on Takeovers and Mergers. If the target company is the subject of rumour and speculation or an untoward movement in share price before an approach has been made to the company, and there are reasonable grounds for concluding that it is the potential offeror’s actions (whether through inadequate security or otherwise) which have led to the situation, the offeror is under a duty to make an announcement1. The offeror’s buying up of the

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial