| Commentary

191 Timing of a Rule 2.7 announcement

| Commentary

(c) Notification of firm and unconditional intention to make offer (‘Rule 2.7 announcement’)

191 Timing of a Rule 2.7 announcement

After making its own investigations and, except in the case of a hostile bid, discussing its plans with the target board and major shareholders, the offeror will usually reach a point when it is ready to make a firm bid. The City Code on Takeovers and Mergers aims to ensure that the offeror has the financial backing to carry through the offer at this point. It states that an offeror should only announce a firm intention to make an offer only

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