Takeover Code—Rule 37—Redemption or purchase by a company of its own securities

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

  • Takeover Code—Rule 37—Redemption or purchase by a company of its own securities
  • Mini-index
  • Rule 37—Setting the scene
  • Rule 37.1—Possible requirement to make a mandatory offer
  • Note 4 on Rule 37.1—Prior consultation
  • Note 5 on Rule 37.1—Disqualifying transactions
  • Rule 37—Related Code Rules, Notes and Appendices

Takeover Code—Rule 37—Redemption or purchase by a company of its own securities

This Resource Note outlines the main provisions of Rule 37 of The City Code on Takeovers and Mergers (Code), which deals with the redemption or purchase by a company of its own securities and the circumstances in which this will trigger a mandatory offer under Rule 9 of the Code. 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 Rule 37. 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 37—Setting the scene

Rule 37.1—Possible requirement to make a mandatory offer

Note 4 on Rule 37.1—Prior consultation

Note 5 on Rule 37.1—Disqualifying transactions

Rule 37—Related Code Rules, Notes and Appendices

Rule 37—Setting the scene

Link to Rule 37 and Notes on Rule 37Code
What it

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