Announcements phase on takeover transactions
Announcements phase on takeover transactions

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Announcements phase on takeover transactions
  • What are the main announcements that need to be made?
  • Key tasks for lawyers
  • Who does what?

What are the main announcements that need to be made?

This Practice Note is part of the Corporate toolkit for public company takeovers structured as contractual offers.

There are a number of announcements that need to be made during the course of a takeover transaction.

Possible offer announcement

While any party to a possible offer may make an announcement at any time, the Code sets out specific circumstances where an announcement is required, including where the offeree is the subject of rumour and speculation or there is an untoward movement in its share price.

Firm offer announcement

The announcement of a firm intention to make an offer:

  1. commits the offeror to make an offer on the terms set out in the announcement

  2. signals the start of the timetable for an offer prescribed by the Code (for further information see Practice Note: The offer timetable)

unless the offeror is permitted to invoke a pre-condition under Rule