Commentary

206 Announcements and copies of documents during the offer period

COMPANIES vol 11 acquisitions, mergers, demergers

206 Announcements and copies of documents during the offer period

206 Announcements and copies of documents during the offer period

Apart from keeping shareholders informed of the views of the relevant boards, the City Code on Takeovers and Mergers requires announcements to be made, for example, if a further purchase of shares in the target by the offeror or any person acting in concert with it gives rise to a mandatory bid1. An announcement must also be made if the offer is revised or extended2.

Before an offer document is published, a copy of the document in hard copy form and electronic form must be sent to the Panel on Takeovers

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