| Commentary

182 Duty to make announcement

| Commentary

(g) Announcement by the target company

182 Duty to make announcement

Once the offeror has approached the board of the target company, whether or not this approach may lead to an offer, the primary responsibility for making an announcement under the City Code on Takeovers and Mergers (City Code) will normally be transferred from the offeror to the target board1. In many cases, the target board will not need to make any announcement until the offeror has notified a firm and unconditional intention to make an offer2.

However, a duty to make an announcement may arise before that time if, following an approach to the target company, it is the subject of rumour and

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