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Commentary

181 Seeking irrevocable commitments

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

181 Seeking irrevocable commitments

| Commentary

181 Seeking irrevocable commitments

Where the target board is favourably disposed to the takeover bid, the offeror company may seek to strengthen its position by seeking irrevocable commitments from the directors of the target company, assuming that they are also shareholders, and members of their immediate family. Irrevocable commitments are commitments whereby shareholders in the target company agree with the offeror that they will accept the offer in respect of their own shareholding1. The offeror may also approach other specific shareholders who are not directors if they hold a large number of shares. The offeror must be aware however that

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