Takeover Code—Rule 31—Offer timetable and revision (before 5 July 2021) [Archived]

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

  • Takeover Code—Rule 31—Offer timetable and revision (before 5 July 2021) [Archived]
  • 2021 changes to the Code
  • Mini-index
  • Rule 31—Setting the scene
  • Rule 31.4—Offer to remain open for 14 days after unconditional as to acceptances
  • Rule 31.5—No extension statements
  • Rule 31.6(a)—Final day rule (fulfilment of acceptance condition, timing and announcement)
  • Rule 31.7—Time for fulfilment of all other conditions
  • Rule 31.9—Offeree announcements after Day 39
  • Rule 31—Related Code Rules, Notes and Appendices

Takeover Code—Rule 31—Offer timetable and revision (before 5 July 2021) [Archived]

This archived Resource Note outlines the main provisions of the version of Rule 31 of The City Code on Takeovers and Mergers (Code) that applied to firm offers announced before 5 July 2021. It has not been maintained since the Code’s revision in July 2021. For information on the version of Rule 31 that applies to firm offers announced before 5 July 2021, see Resource Note: Takeover Code—Rule 31—Offer timetable and revision (from 5 July 2021).

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 Lexis®Library resources

2021 changes to the Code

In March 2021 the Panel confirmed that it would be proceeding with amendments to the Code relating to the treatment of offer conditions and the offer timetable. The amended Code applies in relation to all firm offers announced on or after 5 July 2021 (implementation date), except where to do so

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