This Resource Note outlines the main provisions of Rule 5 of The City Code on Takeovers and Mergers (Code), which deals with the Timing restrictions on acquisitions that apply during a takeover. It highlights relevant materials, commentary and guidance from the Panel on Takeovers and Mergers (Panel), as well as Lexis+® UK analysis and resources, to give practical guidance on the interpretation and application of Rule 5. This Resource Note will be relevant to any stakebuilding exercise.

Materials covered in this Resource Note include:

1. •

   detailed notes accompanying the Code (Notes), which expand on the intended manner of the implementation of the Rules and relevant Appendices dealing with specific issues

2. •

   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

3. •

   Panel Statements published by the Panel (P/S) and Panel Instruments

4. •

   Public Consultation Papers (PCP) and Response Statements (RS) published by the Code Committee

5. •

   Annual Reports published