Takeover Code—Rule 32—Revision
Takeover Code—Rule 32—Revision

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

  • Takeover Code—Rule 32—Revision
  • Mini-index
  • Rule 32—Setting the scene
  • Rule 32.1—Publication of revised offer document
  • Note 1 on Rule 32.1—Announcements which may increase the value of an offer
  • Rule 32.2—No increase statements
  • Note 6 on Rule 32.2—Dividends
  • Rule 32.5—Competitive situations
  • Rule 32.6—The offeree board's opinion and the opinions of the employee representatives and the pension scheme trustees
  • Rule 32—Related Code Rules, Notes and Appendices

Takeover Code—Rule 32—Revision

This Resource Note outlines the main provisions of Rule 32 of The City Code on Takeovers and Mergers (Code), which deals with revisions of offers, including the requirements to publish a revised offer document, no increase statements, competitive situations and the offeree board’s opinion on any revised offer. 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 32. 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

Rule 32—Setting the scene

Rule 32.1—Publication of revised offer document

Note 1 on Rule 32.1—Announcements which may increase the value of an offer

Rule 32.2—No increase statements

Note 6 on Rule 32.2—Dividends

Rule 32.5—Competitive situations

Rule 32.6—The offeree board's opinion and the opinions of the employee representatives and the pension scheme trustees

Rule 32—Related Code Rules, Notes and Appendices

Rule 32—Setting the scene

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