The offer timetable—from 5 July 2021
The offer timetable—from 5 July 2021

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

  • The offer timetable—from 5 July 2021
  • Changes to the offer timetable
  • Legal and regulatory framework
  • Definitions
  • Possible announcements
  • Requirement to issue holding announcement
  • Commencement of offer period
  • The 'put up or shut up' regime
  • Firm Intention Announcement
  • Day 0—Posting date
  • More...

The offer timetable—from 5 July 2021

This Practice Note discusses the offer timetable that applies to firm offers announced on or after 5 July 2021. It covers matters such as the 28-day ‘put up or shut up’ regime under Rule 2.6, the Day 0 offer document posting date, the significance of Day 21, Day 39, Day 53 and Day 60 under the Takeover Code (Code), as well as offer revisions and the impact of competing offers on the timetable.

For a sample offer timetable, see Timetable—recommended offer—from 5 July 2021 and Timetable—hostile offer—from 5 July 2021. For a comparative timetable distinguishing between takeovers by way of takeover offer and takeovers by way of scheme of arrangement, see Structuring a takeover: offers and schemes of arrangement—comparative timetables.

For details on the offer timetable for firm offers announced before 5 July 2021, see Practice Note: The offer timetable—before 5 July 2021.

Changes to the offer timetable

On 31 March 2021 the Takeover Panel (Panel) published a response statement in which it confirmed that it would be proceeding with amendments to the Code relating to the treatment of offer conditions and the offer timetable. The amended Code applies to all firm offers which are announced on or after 5 July 2021 (implementation date), except where to do so would give the amendments retroactive effect. Any ongoing firm offers which straddle the implementation

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