Produced with input from Rebecca Cousin of Slaughter and May on market practice. Background Public company takeovers in the UK are highly regulated transactions and careful planning is key to the success of any takeover transaction. This Practice Note looks at the issues to be considered by an offeror when planning a takeover, including the importance of secrecy prior to an announcement of an offer, the situations in which an announcement is required and the implications of making an announcement. It describes the role of the key advisers, different structures used on takeovers, financing issues, anti-trust and other regulatory considerations such as the limitations on being able to enter into offer-related arrangements and special deals with shareholders. Bid team An appropriate team of advisers will need to be appointed at the outset. The City Code on Takeovers and Mergers (Code), requires that discussions be limited to a very restricted number of people before the announcement of a possible offer, which, without the consent of the Panel, is six. Therefore initially the external advisers are likely