Offer announcement: recommended offer: Takeover Code disclosures checklist

Checklist of Takeover Code (Code) requirements to be contained in the announcement of a firm intention to make an offer under Rule 2.7 of the Code where the offer is recommended by the target board. The checklist is for use by advisers to the bidder and target to assist them in checking compliance with the Code. In cases of doubt, the Takeover Panel (Panel) should always be consulted.

The checklist includes the requirements for both cash offers and securities exchange offers, and may need to be amended to reflect the consideration being offered by the bidder.

For examples of recent Rule 2.7 offer announcements, see What's Market, Public M&A deals: firm offers.


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