| Commentary

204.4 Telephone campaigns

| Commentary

204.4 Telephone campaigns

The City Code on Takeovers and Mergers (City Code) also gives specific guidance on telephone campaigns. To avoid inadvertent breach of the City Code, except with the Panel’s consent, campaigns in which shareholders and other persons interested in shares are contacted by telephone may be conducted only by staff of the financial adviser to the offeror or target company (as appropriate) who have a thorough understanding of the City Code’s requirements and their responsibilities under it. Only previously-published information which remains accurate, and is not misleading at the time it is quoted, may be used in telephone

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