Takeover offer and scheme of arrangement: comparative timetable
This note compares the timetables involved for a takeover offer and a scheme of arrangement under section 899 of the Companies Act 2006 used to acquire control of a public company. The scheme timetable in the note is a timetable for a transfer scheme, as the Companies Act 2006 was amended on 4 March 2015 to prevent the use of reduction schemes on takeovers, except where the acquisition amounts to a restructuring that inserts a new holding company.
For a comparison of offers and schemes in this context, see Practice note, Takeover offer or scheme of arrangement? There is also a detailed timetable for a takeover offer: see Practice note, The offer timetable.
References to Rules are to Rules of the Takeover Code (Code) and references to the Schemes Appendix are to Appendix 7 to the Code.