The purpose of this Practice Note is to explain the key issues to consider when advising on awards over shares in a quoted company that is the target of a takeover by way of a scheme of arrangement. It outlines the process involved in a scheme of arrangement and provides practical guidance on the share plans issues that are specific to both the scheme of arrangement process and key documentation. It also details some important differences in the treatment of share incentives depending on whether the takeover is by way of a cash scheme of arrangement or a share-for-share scheme of arrangement.
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