| Commentary

197 Directors’ role

| Commentary

(e) The offer document

197 Directors’ role

The offeror must normally send the document setting out the basis of the offer for a target company, ‘the offer document’, to shareholders of the target company and other persons with information rights within 28 days of the announcement of a firm intention to make an offer1. It is generally prepared by the offeror’s financial adviser and lawyers with input from the offeror. On a recommended offer, the offeree board circular is usually incorporated into the offer document and the offeree and its advisers will take the lead on this section of the document.

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