| Commentary

185 Introduction

| Commentary

3: OFFER PERIOD

(a) General

185 Introduction

The City Code on Takeovers and Mergers (City Code) may require an announcement to be made about a potential bid before the offeror is in a position to notify a firm intention to proceed. Rule 2.4(a) states that an announcement by the target company which commences an offer period must identify any potential offeror with which the offeree company is in talks or from which an approach has been received (and not unequivocally rejected)1. The making of any announcement of a proposed or possible offer will bring into existence an ‘offer period’ under the City

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