| Commentary

198 Contents of offer document

| Commentary

198 Contents of offer document

The contents of the offer document are regulated by Rule 24 of the City Code on Takeovers and Mergers (City Code). This requires the offeror to explain the long-term commercial justification for the offer and state:

  1. 198.1

        its intentions with regard to the future business of the target company and its own future business;

  2. 198.2

        its intentions with regard to the continued employment of the employees and management of the target company, of itself and of any subsidiaries of either company, including any material change in the conditions of employment;

  3. 198.3

        its strategic plans for

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