| Commentary

180 Secrecy and confidentiality

| Commentary

(f) Approaching the target board

180 Secrecy and confidentiality

When the offeror has completed its preliminary investigation into the affairs of the target company, it will then approach the board of the target, ideally with the aim of securing the board’s recommendation for the takeover bid. The target company’s shareholders will obviously be influenced by the views of the company’s directors so an offer will generally have a better chance of success if it is recommended by the board. If the bid is welcome, the board will presumably provide full co-operation to the offeror in its further investigation into the affairs

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