| Commentary

203 Views of the target board

| Commentary

(f) Response to the offer

203 Views of the target board

The offeree board is required to send a circular to the target company’s shareholders and to persons with information rights1 within 14 days after publication of the offer document. In a recommended offer, the offeree board circular is usually included in the offer document and sent out at the same time. The offeree board circular should:

  1. 203.1

        set out the opinion of the board on the offer (including any alternative offers) and the board’s reasons for forming its opinion and must include its views on:

    1. 203.1.1

          the effects of implementation

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