Takeover Code—Rule 36—Partial offers
Takeover Code—Rule 36—Partial offers

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

  • Takeover Code—Rule 36—Partial offers
  • Mini-index
  • Rule 36—Setting the scene
  • Rule 36.1—Panel's consent required
  • Rule 36—Related Code Rules, Notes and Appendices
  • Partial offers—related issues under Companies Act 2006 (CA 2006)
  • Cancellation schemes
  • Compulsory acquisitions

Takeover Code—Rule 36—Partial offers

This Resource Note outlines the main provisions of Rule 36 of The City Code on Takeovers and Mergers (Code), which deals with partial offers (ie offers which, even if accepted in full, will result in the offeror holding less than 100% of the voting rights of the target). 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 36. 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

Mini-index

Rule 36—Setting the scene

Rule 36.1—Panel's consent required

Rule 36—Related Code Rules, Notes and Appendices

Partial offers—related issues under Companies Act 2006 (CA 2006)

Rule 36—Setting the scene

Link to Rule 36 and Notes on Rule 36Code
What it coversRule 36 deals with partial offers (ie offers which, even if accepted in full, will result in the offeror holding less

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