This note compares the timetables involved for a recommended takeover offer and a scheme of arrangement under section 899 of the Companies Act 2006 (CA 2006) used to acquire control of a public company. The scheme timetable in the note is a timetable for a transfer scheme, as the CA 2006 prevents the use of reduction schemes on takeovers, except where the acquisition amounts to a restructuring that inserts a new holding company, and also assumes that there is no delay in the scheme timetable for the purposes of satisfying regulatory clearance conditions. The note assumes that no competing firm offer for the offeree company is announced.

For a comparison of offers and schemes in this context, see Practice note, Takeover offer or scheme of arrangement?. For a detailed timetable on a takeover offer, see Practice note, The offer timetable.