908 Directors' explanatory report (merger)
908 Directors' explanatory report (merger)
Companies Act 2006 | Legislation

908  Directors' explanatory report (merger)

(1)     The directors of each of the merging companies must draw up and adopt a report.

(2)     The report must consist of—

[(a)     the required statement explaining the effect of the compromise or arrangement,] and

(b)     insofar as that statement does not deal with the following matters, a further statement—

(i)     setting out the legal and economic grounds for the draft terms, and in particular for the share exchange ratio, and

(ii)     specifying any special valuation difficulties.

[(2A)     In subsection (2) “the required statement explaining the effect of the compromise or arrangement” means—

(a)     in a case where

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