Takeover Code—Appendix 5—Tender offers
Takeover Code—Appendix 5—Tender offers

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

  • Takeover Code—Appendix 5—Tender offers
  • Mini-index
  • Appendix 5—Setting the scene
  • Section 1—Panel's consent required
  • Section 2—Procedure and clearance
  • Section 3—Details of tender offer advertisements
  • Appendix 5—Related Code Rules, Notes and Appendices

Takeover Code—Appendix 5—Tender offers

This Resource Note outlines the main provisions of Appendix 5 to The City Code on Takeovers and Mergers (Code), which deals with tender offers. It highlights relevant materials, commentary and guidance from the Panel on Takeovers and Mergers (Panel), as well as Lexis®PSL analysis and resources, to give practical guidance on the interpretation and application of Appendix 5.

Materials covered in this Resource Note include:

  1. Practice Statements issued by the Panel Executive (the body that carries out the day-to-day work of takeover supervision and regulation) (Executive) to provide informal guidance as to how the Executive normally interprets and applies the Code

  2. Panel Statements published by the Panel (P/S) and Panel Instruments

  3. Public Consultation Papers (PCP) and Response Statements (RS) published by the Code Committee

  4. Annual Reports published by the Panel containing discussion of general issues (Annual Reports)

  5. relevant Lexis®PSL and LexisLibrary resources

Mini-index

Appendix 5—Setting the scene

Section 1—Panel's consent required

Section 2—Procedure and clearance

Section 3—Details of tender offer advertisements

Appendix 5—Related Code Rules, Notes and Appendices

Appendix 5—Setting the scene

Link to Appendix 5Code
What it coversAppendix 5 deals with tender offers.
ApplicationAppendix 5 applies to all tender offers (other than a tender offer made solely for the purpose of a company buying in its own shares).
Main PSL resourcesVoluntary, partial and tender offers

Section 1—Panel's consent required

The Panel’s consent is required for any tender

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