Offer tactics—revisions, extensions, acceleration statements and alternative offers
Offer tactics—revisions, extensions, acceleration statements and alternative offers

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

  • Offer tactics—revisions, extensions, acceleration statements and alternative offers
  • Changes to the offer timetable
  • Revisions
  • Making a revised offer
  • No increase statements
  • The offeree board and employees
  • Competing offerors
  • When a revised offer is required
  • Extensions—contractual offers announced before 5 July 2021
  • Setting the first closing date
  • More...

Offer tactics—revisions, extensions, acceleration statements and alternative offers

Changes to the offer timetable

On 31 March 2021 the Takeover Panel (Panel) published a response statement in which it confirmed that it would be proceeding with amendments to the City Code on Takeovers and Mergers (Code) relating to the treatment of offer conditions and the offer timetable. The amended Code applies to all firm offers which are announced on or after 5 July 2021 (implementation date), except where to do so would give the amendments retroactive effect. Any ongoing firm offers which straddle the implementation date, and any offers announced on or after the implementation date which are in competition with such ongoing offers, continue to be subject to the unamended provisions of the Code.

Appendix D to the consultation paper includes a diagram highlighting the key differences between the current offer timetable and that proposed in the consultation paper.

For further details, see News Analyses: Analysing the Takeover Panel’s proposed changes to the offer timetable and offer conditions and Takeover Panel confirms proposed changes to the offer timetable and offer conditions and Practice Notes: The offer timetable—before 5 July 2021 and The offer timetable—from 5 July 2021.

Revisions

Sometimes during the course of an offer, an offeror may wish to revise its offer terms, particularly where there are competing offers or the offer is not recommended by the offeree

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