| Commentary

207 Overview

| Commentary

4: FINAL STAGES OF OFFER PROCEDURE

207 Overview

Once the original offer document has been published and the target board has published its circular containing its recommendation of, or defence against, the offer, the shareholders will decide whether to accept the offer. In most cases, the original offer document will specify a period of 21 days beginning on the day after the date on which the offer document was published within which the shareholders must accept the offer1. This 21-day deadline is known as the ‘first closing date’.

If the offeror has received enough acceptances to satisfy all the conditions as to

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