This Practice Note considers the relevance of the City Code on Takeovers and Mergers (the Takeover Code) to awards granted by the target company under its employee share plans. It considers the bidder’s priorities when dealing with existing awards under the target’s employee share plans, and looks in particular at the Rule 15 proposals that the bidder is required to make. The note also deals with the considerations which will be relevant post-deal in structuring future incentive arrangements. This Practice Note is produced in partnership with Liz Pierson of Squire Patton Boggs.
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