Takeover Code—Rule 31—Offer timetable and revision
Takeover Code—Rule 31—Offer timetable and revision

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

  • Takeover Code—Rule 31—Offer timetable and revision
  • Changes to the offer timetable
  • 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

This Resource Note outlines the main provisions of Rule 31 of The City Code on Takeovers and Mergers (Code), which deals with the offer timetable including the first closing date, the requirement for the offer to remain open for 14 days after becoming unconditional as to acceptances, the treatment of no extension statements, the final day rule and offeree announcements after Day 39. It highlights relevant materials, commentary and guidance from the Panel, as well as Lexis®PSL analysis and resources, to give practical guidance on the interpretation and application of Rule 31. 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

Changes to the offer timetable

The Panel has confirmed that it will be proceeding with amendments to the Code relating to the treatment of offer conditions and the offer timetable. The amended Code will come into effect on 5 July 2021 (implementation date) and will

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